Former founder of Marvelstone Group, Joe Cho Seunghyun, has been sentenced to 10 years of jail time for fraud charges, according to a report by The Business Times.
His sentence will take place in his home country, South Korea.
- Over 70 investors who invested in Cho's ventures allegedly lost over $8.4 million.
- The trial began back in October 2019, when Cho was picked up by South Korean police with the assistance of Interpol.
- Cho has appealed to the judgement of this case, which may result in a reduced jail term.
- Marvelstone was a private investment group that invested and supported growing companies, with a focus on investing in Singapore startup companies.
- The firm also established Lattice80, which it claims to be the "world's largest fintech hub".
- Lattice80 was eventually dissolved in 2019.