South Korean Official Sentenced to 15 Years for Embezzlement

According to PANews, the South Korean Supreme Court has upheld a 15-year prison sentence for Choi, a former financial management team leader at the National Health Insurance Corporation, for embezzling 4.6 billion won. Between April and September 2022, Choi manipulated internal systems to embezzle the funds on 18 occasions before fleeing to the Philippines. He was apprehended in January 2024 at a luxury resort in Manila. Investigations revealed that aside from 720 million won recovered through civil litigation, Choi invested most of the remaining 3.9 billion won in cryptocurrency futures, resulting in complete losses. The court acknowledged the severity of Choi's crimes but did not support the prosecution's charges of money laundering through cryptocurrency transfers, nor did it approve the request to recover the 3.9 billion won. Additionally, a colleague, identified as Jo, who allegedly assisted Choi in fleeing and transferring 16.7 million won, received a four-month prison sentence with a one-year probation in a second trial. Jo is currently appealing the verdict.