The news of that day has passed, but its meaning remains with us today. "That Day in History" reads the present through records of the past.
Three years ago today, on July 28, 2023, an influencer in her 30s who had built a reputation as a "stock market guru" through social media and defrauded investors of more than 16 billion won received a confirmed prison sentence of eight years.
The Supreme Court's Second Division, with Justice Cheon Dae-yeop as the presiding judge, said it had upheld the lower court's ruling that sentenced Lee, indicted on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), to eight years in prison and a forfeiture order of 3.16 billion won.
Since 2015, Lee posted verification photos on her Instagram account claiming she had made profits ranging from millions to tens of millions of won through stock investment, posing as a stock investment expert. She falsified her career by claiming to have worked at a so-called "boutique" stock trading company, a private investment firm, gathering about 26,000 followers. She not only posted "profit verification shots" but also showed off her luxurious lifestyle by posting photos of various luxury goods and high-end foreign cars, and gradually more people began to follow her, calling her "Instagram Aunt," "stock guru," and "divine timing."
Confirmed Damages Exceed 16 Billion Won
After making her name known to the public, Lee deceived victims between 2017 and 2021 by promising to pay a fixed monthly return of 7 to 10 percent if they invested with her, defrauding a total of 11.83 billion won from seven people. At the time, investigators found she lured victims by claiming, "I am one of the top five short-term trading experts in the country," and "there is no way to lose money."
Between 2020 and 2021, she defrauded an additional 4.27 billion won from 37 people by promising to "guarantee monthly returns of 2 to 5 percent." She also collected 500 million won in tuition fees from 154 people by claiming she would give stock lectures using the fame she had gained through social media.
◇"Malicious Method" Draws Confirmed 8-Year Sentence = The court of first instance sentenced Lee to eight years in prison, saying, "In light of the period of the crime, the number of victims, and the scale of the damage, the nature of the offense is very bad." The appeals court sentenced her to eight years in prison and a forfeiture order of 3.16 billion won. The court pointed out, "She created false materials to make it appear that she had excellent stock investment abilities and deceived the victims," and "The method of the crime was bold and malicious, as she concealed the situation and recruited new investors even when she was unable to pay investment returns to victims due to massive losses."
The court explained its sentencing reasons, adding, "We considered that many victims pleaded for severe punishment and that the defendant denied the crime and did not sincerely repent."
The Supreme Court confirmed the sentence, saying, "There is no error in the lower court's judgment that violated the rules of logic and experience to exceed the limits of the principle of free evaluation of evidence, or that misunderstood the law in a way that affected the ruling."
