Marvelstone Group founder to face 10-year jail term for fraud after losing investors money

Marvelstone previously established Lattice80, a Fintech Hub in Singapore


Carl Adrian

7 Oct, 2021

Marvelstone Group founder to face 10-year jail term for fraud after losing investors money | BEAMSTART News

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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.

More Details

  • 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.

Backstory

  • 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.

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