Taiwan prosecutors target 20-year sentences for ACE exchange suspects
According to the prosecutors, the increased scale of the losses justifies the sentence recommendation.
Prosecutors in Taiwan are recommending a minimum 20-year prison sentence for the four main suspects in the fraud and money laundering case related to the cryptocurrency trading platform ACE Exchange.
According to a local news report, the Taipei District Prosecutors’ Office indicted 32 people on fraud and money laundering charges, including ACE Exchange founder David Pan, his business partner, Lin Keng-hong, and prominent attorney Wang Chen-huan, who served as chairman of the exchange.
The prosecutors now believe that over 1,200 individuals were deceived, resulting in an estimated total loss of 800 million New Taiwan dollars (US$24.56 million). This is an increase from the previous estimated loss of 340 million New Taiwan dollars ($10.6 million).
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Author: Amaka Nwaokocha
