Prosecutors from the Seoul Central District Prosecutors’ Office have recovered an additional 450 million won in fines from Kim Jae-hyun, the former CEO of Optimaus Asset Management, convicted in a major fund fraud case.
Breakdown of Recovered Fines
Kim faced a total fine of 75.17 billion won related to the Optimaus fund fraud and other charges. Authorities have now retrieved 450 million won more, bringing the cumulative amount recovered to 19.38 billion won.
Investigators uncovered that Kim embezzled approximately 940 million won through fraudulent methods, including seizing full ownership deposits on a luxury apartment in Seoul’s upscale Cheongdam-dong under an associate’s name (identified as A) and misappropriating public funds. These recovered funds will be returned to victims as per relevant laws on crime victim assets.
Optimaus Scheme Exposed
Optimaus promoted its products as secure investments in ‘public bond buyback claims.’ From April 2018 to June 2020, the firm collected 1.3 trillion won from over 3,200 investors by misleading them about the low-risk nature of the funds.
Despite restructuring into a subsidiary operation, the scheme led to massive investor losses. In July 2022, Kim’s sentence was finalized: 40 years in prison, a 5 million won bail, and the 75.17 billion won fine.
The case highlights ongoing efforts to hold fraud perpetrators accountable and compensate affected investors through asset seizures and fine recoveries.
