Korean man sentenced in California for $60M scam

OAKLAND, Calif. (AP) — A Korean man who took part in a $60 million foreign-exchange trading scam based in California has been sentenced to 10 years in federal prison.

The U.S. attorney’s office Thursday announced that Jin K. Chung of Seoul was sentenced in Oakland after pleading guilty to money laundering.

In his September plea, Chung said he and codefendant Peter Son of Portland, Oregon founded two companies based in Pleasanton, California that promised investors annual returns of up to 36% from foreign exchange trading.

Instead, the two lined their own pockets and then closed down the businesses without warning to customers or employees.

Son is serving a 15-year prison term for his role in the scheme.