Seoul Southern District Court sentenced Delio CEO Jeong Sang-ho to 15 years in prison for fraud involving nearly 70 billion South Korean won, equivalent to $49.2 million. The court found him guilty on behalf of 1,078 victims after excluding portions of the prosecution’s evidence that were deemed improperly obtained during a search. The original charges had alleged fraud totaling approximately 250 billion won, but the court only upheld the alternative indictment amount. Delio’s collapse is directly linked to the downfall of yield platform Haru Invest, with which the company had invested customer assets, triggering a withdrawal freeze in June 2023 and subsequent liquidity crisis leading to bankruptcy.
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