Gangnam real estate scammer sentenced to 20 years after defrauding 100 investors

A man who defrauded 100 investors of about 20 billion won ($14.4 million) by impersonating an investment adviser for the state-run housing developer and selling apartments in Seoul’s affluent Gangnam area was sentenced to 20 years in prison, slightly reduced, on Friday.

The defendant, a man in his 40s identified only by his surname Seo, was sentenced to 20 years and 10 months in April, but the Seoul High Court cut the sentence by 10 months.

The court noted that the defendant’s methods were highly deceptive, including the use of forged contracts from the Korea Land and Housing Corp. (LH) to temporarily rent housing and allow some victims to move in. The court also considered that the damage may have expanded as accomplices recruited more victims to earn commission.

According to the prosecutors, Seo pretended to be an official investment adviser for LH. He deceived investors by claiming that, with his endorsement, buyers could buy apartments valued at around 3 billion won in the Gangnam area for just 700 million won.

From April 2021 to June of last year, he allegedly cheated more than 100 individuals, collecting approximately 20 billion won in down payments and fees.