Haru Invest CEO acquitted of $650 million fraud charges

According to The Block, a South Korean court acquitted Haru Invest CEO Lee Hyung-soo on Tuesday, dismissing fraud charges against him. Lee Hyung-soo had previously faced fraud charges for Haru Invest's sudden closure of user withdrawal channels and company offices in June 2023. The company is said to have attracted thousands of investors by promising "full return of principal" and high returns of up to 25% annualized. South Korean prosecutors initially accused the company of illegally obtaining 1.39 trillion won (about $1.02 billion) from about 16,000 investors, but later reduced the amount to 880.50 billion won (about $650 million) in a formal indictment involving about 6,000 investors. Prosecutors had asked the court to sentence Lee Hyung-soo to 23 years in prison.