JOE CHO SEUNGHYUN, the founder of Marvelstone Group - a fintech firm once based in Singapore - has been sentenced to 10 years of jail time for among other things, fraud charges, in his home country of South Korea.

A lawyer representing a set of more than 70 investors who have claimed that more than 10 billion won (S$11.4 million) of investments are due to them, told The Business Times (BT) on Thursday that the damages have not been recovered. The judgement made on Aug 8 this year is under appeal, said lawyer Lee Juncheol via email.

BT was the first to report in May 2019 that Cho was embroiled in various legal disputes in South Korea over claims of fund redemptions contractually due to investors but not paid.