A federal jury in Alexandria convicted Jihoon Park, 52, on September 8 of defrauding investors and filing fraudulent bankruptcy documents. Prosecutors said Park transferred more than $2.5 million from multiple victims to himself, then concealed millions in cryptocurrency before seeking bankruptcy protection.
Park gained victims' confidence through personal relationships and his former affiliation with a large national financial institution. He promised safe investments and high returns before diverting their money for personal use, according to the Justice Department.
After one victim sued him, Park moved assets to his wife and concealed cryptocurrency holdings worth millions of dollars. His bankruptcy filings, filed January 14, 2025, listed only $0.34 in financial assets and denied that he owned any cryptocurrency—a claim prosecutors said was designed to avoid repaying victims.
Court documents detail one transaction in which an investor gave Park a $300,000 check in August 2024. Park purchased a Chantilly house for approximately $1.2 million the following month using a $700,000 down payment that included the investor's funds. A bankruptcy trustee later sought to recover the down payment or unwind the property transfer.
Park was convicted of three wire fraud counts and two bankruptcy fraud counts. Each wire fraud count carries a maximum penalty of 20 years in prison, while each bankruptcy fraud count carries a maximum of five years. Sentencing is scheduled for December 10, with the judge to determine the sentence under federal guidelines and other legal factors.
