Fintech firm’s founder handed 10 years’ jail time on charges of fraud

Details:

• Over 70 investors allegedly lost more than 10 billion won (US$8.4 million) in returns owed to them, a lawyer representing the investors told Business Times. The judgment, however, is still under appeal.
• The trial began in October 2019 after Cho was picked up by the South Korean police on August 25 that year, following a request submitted by the South Korean police through Interpol.

Dive deeper:

• Marvelstone is a private investment group that backs and helps develop growing businesses. When asked by Business Times if it could be called a genuine fintech firm, the company said it was “structured to incubate Singapore startups” and that its resources “may not result in profit-making from the outset.”
• Marvelstone also established Lattice80 – the world’s largest fintech hub, according to the company – in Singapore’s Central Business District. In 2018, Marvelstone said it would move the Lattice80’s global headquarters to London from Singapore. It was later reported that Lattice80 UK was dissolved in early 2019.

Currency converted from Korean won to US dollar: US$1 = 1,189.70 won.