Haru Invest CEO Acquitted of $650M Scams by Seoul District Court

The Seoul Southern District Court acquitted Haru Invest CEO Lee Hyung-soo of $650 million fraud and embezzlement charges. The court ruled that Haru Invest’s collapse was triggered by market shocks and not by criminal intent or deceitful activity. District attorneys had actually looked for a 23-year sentence for Lee but the court found no proof of deception. Haru Invest’s business model was declared not comparable and legitimate to Ponzi schemes or frauds with fabricated returns. Co-CEOs Park and Song of BlockCrafters were also cleared of all fraud charges in the same ruling.

A South Korean court has acquitted Lee Hyung-soo, CEO of Haru Invest, of criminal fraud and embezzlement involving $650 million. The court highlighted that legal neglect differs from criminal fraud and found no intent to deceive.

Court Dismisses Charges Against Haru Invest CEO Lee Hyung-soo

Prosecutors initially accused Lee of managing a scheme that affected more than 16,000 investors through Haru Invest. Haru Invest’s model was based on legitimate digital asset investments and market activity. In addition to Lee, the court acquitted two other executives from BlockCrafters, Haru Invest’s parent company.