US seeks $700K linked to S. Korea's ex-president
The Department of Justice filed a civil forfeiture complaint seeking to recover more than $700,000 in corruption proceeds linked to Chun Doo-hwan, the former president of South Korea, U.S. officials said Thursday.
The funds were seized in February from the sale of a house in Newport Beach, Calif., which the former president's son, Chun Jae Yong, purchased in 2005 with monies the U.S. said are traceable to his father's corruption.
"We are making crystal clear that the United States will not tolerate the use of its financial system by corrupt foreign officials—or their relatives—to harbor their ill-gotten gains," Acting Assistant Attorney David General O'Neil said in a statement.
The ex-president was convicted in Korea in 1997 of receiving more than $200 million in bribes from Korean businesses and companies, some of which his family members then illegally laundered into the U.S., according to the forfeiture complaint.
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http://www.cnbc.com/id/101612065
And for those who want to know. Yes, the money goes to the government of South Korea. I don't know how it is distributed, so if there were individuals scammed I don't know how they will be affected.
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