Korean actor handed suspended prison term for embezzling $3 million to invest in crypto

Quick Take

• South Korean actor Hwang Jung-eum was sentenced to two years in prison, with a four-year suspended sentence, for embezzling funds from her wholly owned management agency to invest in crypto.
• The 40-year-old actor debuted in 2001 as a member of K-pop girl group Sugar before rising to prominence as an actor in hit dramas such as “Kill Me, Heal Me” and “She Was Pretty.”

South Korean actor Hwang Jung-eum has received a suspended prison sentence after admitting to embezzling more than 4.2 billion won ($3 million) from her own management agency to invest in cryptocurrencies, according to local media reports.

Yonhap news agency reported that the Jeju District Court on Thursday sentenced Hwang to two years in prison, suspended for four years, for embezzling from her wholly owned agency.

According to the indictment, Hwang transferred company funds 13 times in early 2022 under the pretext of advances after taking out loans in the agency's name, the Korea JoongAng Daily reported. About 4.2 billion won ($3 million) was invested in cryptocurrency, while the remainder was used to cover tax bills and personal expenses.

During her initial court appearance in May, Hwang requested a trial continuation to allow time for full repayment. She had already returned approximately 3 billion won at that time. Through the sale of personal assets, she completed repayment of the remaining damages in two installments by early June, submitting relevant documentation to the court, according to local media reports.

The court cited her full repayment of the embezzled funds and her status as a first-time offender as mitigating factors in the sentencing decision. Prosecutors had sought a three-year sentence.

The 40-year-old actor debuted in 2001 as a member of K-pop girl group Sugar before rising to prominence as an actor in hit dramas such as "Kill Me, Heal Me" and "She Was Pretty."