A South Korean court has sentenced several business executives to prison after they tricked investors out of millions of dollars in a fraud involving a supposedly ‘treasure-laden’ Imperial Russian shipwreck. The executives attracted $7.6 million from investors after claiming that the ship contained a massive 200 tons of gold, according to Yonhap News Agency. On Wednesday, a court in Seoul sentenced a number of people to prison terms over the scam. 'TREASURE-LADEN' RUSSIAN SHIPWRECK SPARKS CONTROVERSYThe former vice chairman of the business formerly known as Shinil Group, identified only by his surname, Kim, received a 5-year prison sentence, according to Yonhap. News of the supposed 'discovery' sparked an investor frenzy in South Korea, prompting the country’s financial regulator to issue a warning against possible investment losses.

Source: Fox News May 01, 2019 14:26 UTC