Tag: ponzi scheme

ponzi scheme

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From left: Cho Hee-pal speaks at a seminar in 2008; Cho lies in a transparent coffin during a funeral procession in Yantai, China, captured in video footage. [RESPECTABLE HOUSEHOLD ECONOMY]

Years after 'death' of mastermind of Korea's biggest Ponzi scheme, victims await justice

Cho Hee-pal orchestrated Korea's largest Ponzi scheme, defrauding 70,000 victims of $3.4 billion. After fleeing to China, his reported death sparked ongoing suspicion and a troubled investigation, leaving many questions unanswered.

2026.5.28

An undated handout picture released by the Metropolitan Police Service (MPS) on Sept. 29 in London shows Chinese national Zhimin Qian, alias Yadi Zhang, who was convicted for over her role in a multi billion-dollar Bitcoin fraud, posing for a photograph. [AFP/YONHAP]

Chinese 'cryptoqueen' who scammed thousands jailed in Britain over Bitcoin stash worth $6.6 billion

A Chinese woman who was found with 5 billion pounds ($6.6 billion) in Bitcoin after defrauding more than 128,000 people in China in a Ponzi scheme was sentenced by a British court Tuesday to over 11 years in prison.

2025.11.12

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An electronic display board shows the plummeting price of Luna at a Bithumb customer center in southern Seoul on Tuesday. [YONHAP]

Luna's Do Kwon may face legal peril, some attorneys argue

The mastermind behind the Terra stablecoin could face legal peril despite regulators in Korea throwing up their hands and saying there is little they can do about what may be the most dramatic collapse in financial markets history.

2022.5.18

A photo of a 35-year-old woman in Daegu who has been reported by a group of people for allegedly cheating them out of investment money. The woman has been reported to the police, but authorities had not opened an official probe onto her as of press time Monday. The photo was provided by a reader to the JoongAng Ilbo. [JOONGANG ILBO]

Woman allegedly played fast, loose with people's money

Police are looking into complaints about a 35-year-old woman in Daegu who allegedly ran a ponzi scheme after advertising her wealthy lifestyle on social media. As with all ponzi schemes, she promised high returns, according to a group of people…

2021.7.5

The Financial Securities Service building. [YONHAP]

Lime Asset Management loses business registration

The Financial Supervisory Service (FSS) revoked the registration of Lime Asset Management Tuesday evening for deceiving investors and causing huge financial losses.

2020.10.21

The Financial Supervisory Service office in Yeouido, western Seoul. [YONHAP]

Brokerages warned of punishment in Lime scandal

The Financial Supervisory Service (FSS) warned three brokerage firms and their CEOs — either former or incumbent — that they could be in big trouble for selling troubled Lime funds to customers.

2020.10.7

Investors in Optimus funds demand NH Investment & Securities compensate them for damages incurred in front of the brokerage firm in Yeouido, western Seoul, on July 23. The brokerage firm failed to come up with a compensation plan that day. [NEWS1]

NH proposes compensation for Optimus fund investors

NH Investment & Securities will provide compensation for up to 70 percent of losses suffered by investors in Optimus funds. The announcement came after six rounds of emergency board meetings held to discuss the issue.

2020.8.27

Prosecutors carry boxes of confiscated items from Lime Asset Management. [NEWS1]

Lime fund sellers on the hook for 100 percent of losses

The financial companies that sold a dud Lime Asset Management fund to unsuspecting investors are on the hook for 100 percent of the losses, the Financial Supervisory Service (FSS) advised.

2020.7.1