Man declares chapter with 34 cents whereas hiding tens of millions
On Sep. 8, a federal jury in Alexandria, Virginia, convicted Jihoon Park for his function in an funding fraud scheme and defrauding a chapter courtroom.
Park used his private relationships and his earlier affiliation with a big monetary establishment to persuade members of his neighborhood to let him make investments their life financial savings and retirement cash with a promise of excessive returns, as per courtroom paperwork and proof introduced at trial.
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However he transferred over $2.5 million from the unsuspecting neighborhood members to himself to purchase a home and cryptocurrency.
As a fraud sufferer sued Park, he transferred property to his spouse and hid crypto property value tens of millions of {dollars} earlier than submitting for chapter.
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Within the chapter courtroom, he falsely claimed that he had solely 34 cents in monetary property and no crypto property. The preposterous lie was meant to keep away from paying his sufferer collectors any a reimbursement from his fraud, in response to prosecutors.
The jury convicted him of three counts of wire fraud and two counts of chapter fraud following the trial. He faces a most penalty of 20 years on the wire fraud counts and a most penalty of 5 years on the chapter fraud counts.
The FBI Washington Subject Workplace is investigating the case. Park’s courtroom sentencing is scheduled on Dec. 10.
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This story was initially printed by TheStreet on Sep 10, 2026, the place it first appeared within the Chapter Information & Evaluation part. Add TheStreet as a Most well-liked Supply by clicking right here.
