A South Korean bank employee has been sentenced to 15 years in prison for stealing approximately $12.4 million from his employer, Woori Bank, in a scheme to fund personal cryptocurrency investments. The Changwon District Court, which issued the ruling, also ordered the former staffer, who is in his 30s, to pay $7.3 million in damages to the bank.

The fraudulent activity took place between July 2023 and May 2024, during which the employee forged loan documents using the identities of 17 customers, including both individuals and companies. These falsified loans allowed him to embezzle funds into acquaintances’ accounts, which were later funneled into his own.

Court records reveal that the man used about $10.4 million of the stolen money to buy cryptocurrency, with the remaining funds directed toward repaying his personal loans and covering living expenses, including accommodation. Despite efforts by bailiffs to recover assets, only $3 million worth of stolen money was reclaimed, leaving at least $4 million virtually irretrievable.

Prosecution officials, who initially sought a 20-year sentence, described the man’s crypto investments as a failure, resulting in a loss of $4.35 million. They also highlighted the scale of deception, with the employee contacting customers to falsely explain that their loan funds were being temporarily withdrawn.

The court rejected pleas for leniency from the defendant’s lawyer, who argued that the bank’s inadequate oversight contributed to the crime. The lawyer also noted the defendant’s decision to voluntarily turn himself in.

However, the judge condemned the defendant’s actions, citing a betrayal of trust and significant damage to public confidence in Woori Bank and its employees. The case underscores the severe repercussions of financial fraud and the vulnerabilities that poor management practices can expose in banking institutions.