Man in his 60s runs massive Ponzi scam while on probation for past fraud

South Korean authorities arrested a man in his 60s, Mr. A, for running a Ponzi scheme valued at $60 million. He targeted more than 2,200 investors with promises of high returns from his AI and crypto ventures.

The scam falsely promised returns of 300% and primarily affected individuals aged 50-70, many of whom lacked crypto knowledge. The operation utilized new investment funds to pay existing investors.

Mr. A had a prior fraud conviction and was on probation when he launched the Ponzi scheme. Authorities began investigating after receiving complaints, leading to a two-month manhunt.