By Lee Hyo-sik
If someone mistakenly transfers money into your bank account, what would you do? If you spend it, you can be prosecuted on charges of embezzlement, according to the nation’s highest court Friday.
The Supreme Court found a 49-year old man, identified only by his surname Cho, who spent the money wrongly transferred into his bank account, guilty of embezzlement, overturning a lower courts’ ruling and sending the case back to the Seoul Central District Court.
In June 2008, an employee of a company mistakenly wired HK$ 3 million (390 million won) to Cho’s account. But the 49-year-old man did not return the money and spent it.
The company sued him and the lower courts sentenced Cho to one year imprisonment, saying the company’s ownership of the wired money became invalid after the transfer and charged him with “misappropriation of lost item.”
But the Supreme Court found him guilty of embezzlement.
“Even after the money was wired to Cho, it still belonged to the company and he had an obligation to return it and not withdraw the cash from his account at his disposal and spend it like he did. The act constitutes embezzlement,” it said.
Those convicted of embezzlement can be sentenced to up to five years imprisonment or a maximum fine of 15 million won, while those convicted of “misappropriation of lost items” are sentenced up to one year in prison or a maximum of a 3 million won fine.
leehs@koreatimes.co.kr
If someone mistakenly transfers money into your bank account, what would you do? If you spend it, you can be prosecuted on charges of embezzlement, according to the nation’s highest court Friday.
The Supreme Court found a 49-year old man, identified only by his surname Cho, who spent the money wrongly transferred into his bank account, guilty of embezzlement, overturning a lower courts’ ruling and sending the case back to the Seoul Central District Court.
In June 2008, an employee of a company mistakenly wired HK$ 3 million (390 million won) to Cho’s account. But the 49-year-old man did not return the money and spent it.
The company sued him and the lower courts sentenced Cho to one year imprisonment, saying the company’s ownership of the wired money became invalid after the transfer and charged him with “misappropriation of lost item.”
But the Supreme Court found him guilty of embezzlement.
“Even after the money was wired to Cho, it still belonged to the company and he had an obligation to return it and not withdraw the cash from his account at his disposal and spend it like he did. The act constitutes embezzlement,” it said.
Those convicted of embezzlement can be sentenced to up to five years imprisonment or a maximum fine of 15 million won, while those convicted of “misappropriation of lost items” are sentenced up to one year in prison or a maximum of a 3 million won fine.
No comments:
Post a Comment