South Korea has reportedly sentenced Delio CEO Jeong Sang-ho to 15 years in prison on cryptocurrency fraud charges.
According to local news outlet Newsis, the Seoul Southern District Court, presided over by Judge Jang Chan, found Jeong guilty on most charges of defrauding customers of roughly 70 billion Korean won ($49.2 million) in crypto assets.
The court found the defendant largely guilty on charges of embezzlement and of using false documents to register as a virtual asset service provider.
However, it acquitted him on the primary indictment alleging fraud of roughly 250 billion won ($175.6 million) from about 2,800 people, ruling that evidence obtained through a search and seizure of a server operator was illegally collected, according to the report.
Prosecutors previously sought a 20-year sentence for Jeong.
