Delio CEO Jeong Sang-ho appeals 15-year first-trial prison sentence

Delio CEO Jeong Sang-ho, who was sentenced in the first trial to 15 years in prison on fraud charges tied to around 70 billion won in digital assets, has appealed the ruling, Digital Asset reported. According to the South Korean Supreme Court’s case search system on Aug. 16, Jeong’s legal counsel filed a notice of appeal with the Seoul Southern District Court on Aug. 14. Delio, a digital-asset deposit platform, abruptly suspended withdrawals in June 2023, leaving many victims and triggering a broader public backlash. Jeong was later indicted on charges including fraud, and the first-trial ruling came two years and three months later. The appeal is expected to further delay a final court decision. The 11th Criminal Division of the Seoul Southern District Court, presided over by Judge Jang Chan, sentenced Jeong to 15 years in prison and remanded him into custody on Aug. 13. The court said Delio had excessively promoted the company with rhetoric stressing stability, including references to a crypto bank, while consistently shifting blame to other companies and avoiding responsibility.