Exciting news from Taiwan as prosecutors seek lengthy prison sentences for ACE Exchange’s founder, David Pan, and former executives in a high-profile fraud and money laundering case. This latest development follows a fresh round of charges against the exchange founder and several others.
ACE Exchange Defendants Face Potential Lengthy Jail Term
The Taipei District Prosecutors’ Office recently indicted 32 individuals, including Pan, his business partner Lin Keng-hong, and chairman Wang Chen-huan, in an alleged money laundering and fraud scheme. The defendants promoted investments in various tokens, with investigations revealing deceptive practices to attract investors.
Investors reported losses amounting to $24.56 million due to inflated token prices and the inability to convert tokens back into local currency. Prosecutors are recommending minimum prison sentences of 20 years for Pan and Lin as a result of these fraudulent activities.
Ace Exchange’s Stance And Response
Pan and his partners generated substantial revenue from token sales and planned to conceal the cash in various locations, including real estate purchases. Ace Exchange responded to the allegations by affirming Pan’s lack of involvement in daily operations and highlighted their continued cooperation with authorities.
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