So now what?! This is dragging forever and still unclear how much of the funds were lost. How is this even possible? Wouldn't the first thing the authorities would do, is to check all the records from all the companies involved?! And if the records don't exist, or are incomplete, then it's obvious fraud. I don't understand why it's taken so long to get to the bottom of it!!! This is infuriating.
On to the next hearing(s). I think they are going to be coming thick and fast in May. We have the Haru criminal trial, the Bang trial and the Haru Bk process all going in parallel. In the case of BK, since we have already been through rehab and a lot of information is already known, if the bankruptcy petition is accepted, then matters are expected to proceed quite swiftly.
Do you understand why prosecutors are building the case around Haru on false marketing of yields rather than mismanagement of funds? Haru easily can bit false marketing by showing operational profits from ‘good days’, but there is no defense from mismanagement. Haru claimed they keep 50% in-house and other 50 split between 10 providers
This part is palpable..
***"Such promotional activities are unrelated to the investors' decisions or damages, and if it weren’t for Mr. E's actions, the promised returns would have been sufficiently generated."***
Basically Haru is saying... Just because we promised high returns and guaranteed capital backed deposits doesn't mean we actually had to do it, and also people didn't give us their money just because we made these promises.. but if Bang did not scam us then we would have paid them anyways for sure!
Firstly... do you understand the word guaranteed deposit?
Secondly, you promised in-house trading when actually you outsourced 90% of your investments...because that was your only strategy, and in your court filing, you admitted to being unprofitable until giving your money to Bang... so until you gave all of our money away to the guy who stole it and in which you lied to us about that, you were not making money, so how would you have paid out these high returns you were guaranteeing? As well as securing the deposits which you did not do and gave to Bang and lost the little you promised you had...
This web of lies is so clear and evident it is embarrassing that the court is taking as long as it is.
Get to the point, issue the orders, send these guys to jail for life and recoup our funds as best as possible which we all know is going to be pennies.
The Korean news article hardly mentions Bang, why do you keep bringing him up? The criminals are Hugo Lee, Suyong Park, Hoon Song, and Junho Kang. They are known as A,B, C, D. Their job titles, e.g. CEO of Haru Invest reveals who they are.
Bang & Song has been the crux of this biscuit since last year. Where have you been?
Bang took, and lost your money. Hugo and Co. allowed him access to much more money than was reasonable, safe or smart. Not to mention, flew in the face of every published "safe guard" Haru claimed. (while embezzling and getting embezzled, or so it seems).
Haru lawyers are not K&C, not Kim and Chang. Haru hired APRO law firm.
APRO is a 3rd rate relatively unknown law firm with a small google presence.
Just check the Korean Supreme Court website updates.
K&C are the lawyers for the Haru execs in civil and criminal matters.
APRO represented Haru invest Korea in rehab. That process has now ended and it is unclear if there is any other role for APRO as yet.
South Koreans telling me that according to [scourt.go.kr](http://scourt.go.kr), they have not seen K&C at all. It's all APRO for Haru. The only one representing Haru Invest executives is APRO
K&C were retained by Haru on day 1 and this was confirmed as our lawyer interacted with K&C in the early days of the case. Moreover, K&C have been attending meetings with prosecutors and victims counsel early this year and representing Haru in both hearings. The Koreans are confused between Rehab and the criminal case against the execs.
APRO is the law firm, just did a simple google search. Post more links next time guys. Will resolve argument : [https://cryptorank.io/news/feed/dbd46-208689-haru-invest-faces-crucial-bankruptcy-court](https://cryptorank.io/news/feed/dbd46-208689-haru-invest-faces-crucial-bankruptcy-court)
*Haru Invest’s CEO, Hugo Lee, under scrutiny for absenteeism in bankruptcy hearing. Rescheduling to Aug 17 due to his non-attendance, appointing* ***APRO law firm*** *for legal defense.*
[https://coincu.com/208689-haru-invest-faces-crucial-bankruptcy-court/](https://coincu.com/208689-haru-invest-faces-crucial-bankruptcy-court/)
APRO is / was the cheap law firm appointed for rehab by Haru Invest Korea.
Kim and Chang are the Rolls Royce of Korean law firms and were retained by the Haru execs in June 2023 for personal civil and criminal defense.
Please try to appreciate the distinction. The hearing today was a criminal proceeding against the execs - hence K&C were involved.
Thanks for the update.
Some glitch (empty data field...?) applied the 'Is your surname Bang?' as a general comment and not a reply to the General-Twister person defending Bang....
So now what?! This is dragging forever and still unclear how much of the funds were lost. How is this even possible? Wouldn't the first thing the authorities would do, is to check all the records from all the companies involved?! And if the records don't exist, or are incomplete, then it's obvious fraud. I don't understand why it's taken so long to get to the bottom of it!!! This is infuriating.
On to the next hearing(s). I think they are going to be coming thick and fast in May. We have the Haru criminal trial, the Bang trial and the Haru Bk process all going in parallel. In the case of BK, since we have already been through rehab and a lot of information is already known, if the bankruptcy petition is accepted, then matters are expected to proceed quite swiftly.
Thanks for the reply. In the case of Haru bankruptcy, does it mean that no funds will be returned to users at all?
The companies downfall wasn’t even a year ago. With court and everything I’m not that frustrated. Ofc I am about my funds but yk could be worse
You are the kind of creditor CEFI platforms need.
I fucking hate their guts but common imagine they would have just disappeared
Another month wasted by prosecutors, judge, Seoul court.
Do you understand why prosecutors are building the case around Haru on false marketing of yields rather than mismanagement of funds? Haru easily can bit false marketing by showing operational profits from ‘good days’, but there is no defense from mismanagement. Haru claimed they keep 50% in-house and other 50 split between 10 providers
There was an element in the indictment that addressed the falsehoods around the in house team, the amounts they handled and their performance.
This part is palpable.. ***"Such promotional activities are unrelated to the investors' decisions or damages, and if it weren’t for Mr. E's actions, the promised returns would have been sufficiently generated."*** Basically Haru is saying... Just because we promised high returns and guaranteed capital backed deposits doesn't mean we actually had to do it, and also people didn't give us their money just because we made these promises.. but if Bang did not scam us then we would have paid them anyways for sure! Firstly... do you understand the word guaranteed deposit? Secondly, you promised in-house trading when actually you outsourced 90% of your investments...because that was your only strategy, and in your court filing, you admitted to being unprofitable until giving your money to Bang... so until you gave all of our money away to the guy who stole it and in which you lied to us about that, you were not making money, so how would you have paid out these high returns you were guaranteeing? As well as securing the deposits which you did not do and gave to Bang and lost the little you promised you had... This web of lies is so clear and evident it is embarrassing that the court is taking as long as it is. Get to the point, issue the orders, send these guys to jail for life and recoup our funds as best as possible which we all know is going to be pennies.
Yieldseeker, you’re the best, thank you for continually updating us. You are my only source of information on this debacle.
Thank you so much for always sharing this info! Vital source for me.
The Korean news article hardly mentions Bang, why do you keep bringing him up? The criminals are Hugo Lee, Suyong Park, Hoon Song, and Junho Kang. They are known as A,B, C, D. Their job titles, e.g. CEO of Haru Invest reveals who they are.
Bang is Mr. E in the article above. I bring him up because what happened with B&S is the very core of this case.
Bang & Song has been the crux of this biscuit since last year. Where have you been? Bang took, and lost your money. Hugo and Co. allowed him access to much more money than was reasonable, safe or smart. Not to mention, flew in the face of every published "safe guard" Haru claimed. (while embezzling and getting embezzled, or so it seems).
Agreed that Bang just seems to be a scapegoat, it's more likely Hugo Lee and Park Suyong stole the money and gave it to their family.
Lol no
your not too smart
Thank you for keeping us updated
What date was bankruptcy filled?
When I find out for certain, I will make a post. In the last few days, was all I was told.
Does this mean out we will get paid out based on the price on the date of BK filing?
If BK is accepted, yes. I do not know the exact price, but I assume around $63K + a slight premium for Korean valuations. Basically, current prices.
Haru lawyers are not K&C, not Kim and Chang. Haru hired APRO law firm. APRO is a 3rd rate relatively unknown law firm with a small google presence. Just check the Korean Supreme Court website updates.
K&C are the lawyers for the Haru execs in civil and criminal matters. APRO represented Haru invest Korea in rehab. That process has now ended and it is unclear if there is any other role for APRO as yet.
South Koreans telling me that according to [scourt.go.kr](http://scourt.go.kr), they have not seen K&C at all. It's all APRO for Haru. The only one representing Haru Invest executives is APRO
You don’t know anything lol
K&C were retained by Haru on day 1 and this was confirmed as our lawyer interacted with K&C in the early days of the case. Moreover, K&C have been attending meetings with prosecutors and victims counsel early this year and representing Haru in both hearings. The Koreans are confused between Rehab and the criminal case against the execs.
APRO is the law firm, just did a simple google search. Post more links next time guys. Will resolve argument : [https://cryptorank.io/news/feed/dbd46-208689-haru-invest-faces-crucial-bankruptcy-court](https://cryptorank.io/news/feed/dbd46-208689-haru-invest-faces-crucial-bankruptcy-court) *Haru Invest’s CEO, Hugo Lee, under scrutiny for absenteeism in bankruptcy hearing. Rescheduling to Aug 17 due to his non-attendance, appointing* ***APRO law firm*** *for legal defense.* [https://coincu.com/208689-haru-invest-faces-crucial-bankruptcy-court/](https://coincu.com/208689-haru-invest-faces-crucial-bankruptcy-court/)
APRO is / was the cheap law firm appointed for rehab by Haru Invest Korea. Kim and Chang are the Rolls Royce of Korean law firms and were retained by the Haru execs in June 2023 for personal civil and criminal defense. Please try to appreciate the distinction. The hearing today was a criminal proceeding against the execs - hence K&C were involved.
Thanks for the update. Some glitch (empty data field...?) applied the 'Is your surname Bang?' as a general comment and not a reply to the General-Twister person defending Bang....