09/09/2026
Falsely Reporting “34 Cents in Assets”... Korean Man in 50s Found Guilty of $2.5 Million Investment Fraud
https://radiokorea.com/news/article.php?uid=503637
A Korean man in his 50s has been found guilty of swindling over $2.5 million by taking the retirement funds and life savings of people around him, promising high returns on safe investments.
Today (the 8th), a jury in the U.S. Court of Alexandria, Virginia, found Jihoon Park, 52, a resident of Chantilly, Virginia, guilty of three counts of wire fraud and two counts of bankruptcy fraud.
According to the U.S. Department of Justice, Mr. Park approached residents of his community, promising to safely invest their money and generate high returns.
After gaining their trust by leveraging personal connections and past ties with major financial institutions, he siphoned off over $2.5 million from multiple victims to purchase his own home and cryptocurrency.
When one of the victims filed a lawsuit against him, Mr. Park transferred his assets to his wife, concealed millions of dollars worth of cryptocurrency, and filed for bankruptcy.
During this process, it was revealed that Mr. Park falsely reported to the court that he possessed only 34 cents in financial assets and owned no cryptocurrency whatsoever.
The Department of Justice stated that Mr. Park concealed his assets to avoid returning money to creditors who had been defrauded.
Furthermore, the Department revealed that while Mr. Park promised high returns by investing the community members' life savings and retirement funds, he actually embezzled millions of dollars and used the money for personal gain, such as enjoying a luxurious lifestyle. The Department also
pointed out that Mr. Park's crimes have caused the victims and their families to face severe economic hardship.
The sentencing for Mr. Park is scheduled to be handed down on December 10, and he could face up to 20 years in prison for telegraphic fraud and up to 5 years for bankruptcy fraud.
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