Former ACE president and prominent lawyer Wang Chenhuan previously pleaded guilty and paid a bail of 4 million yuan, but the prosecutor filed an appeal. The judge held another hearing last night and made the final ruling. Wang Chenhuan’s bail was increased to 8 million yuan, and he must wear an electronic ankle monitor for 8 months. In addition, he is restricted from leaving the country, going to sea, and changing residence.
(Background:
ACE virtual currency scam: How can victims seek compensation? When will downstream businesses be prosecuted? Trial progress..)
Table of Contents:
Wang Chenhuan claims to be poor: all assets have been frozen
The prosecutor requested to increase the bail to 70 million
The court ultimately ruled to increase the bail to 8 million and required Wang Chenhuan to wear an electronic ankle monitor within 8 months
ACE Trading Platform colludes with fraud groups, Taipei District Prosecutors’ Office April 26th
Announcement
The investigation is over. The fraud group leader, Lin Genghong, former and current responsible persons of ACE Trading Platform, Pan Yizhang, and renowned lawyer Wang Chenhuan, among others, have been indicted on charges of organized crime, fraud, money laundering, and other crimes. The main suspects are facing sentences of over 20 years in prison.
Currently, former ACE president and lawyer Wang Chenhuan has admitted to most of the charges, including organized crime, money laundering, and fraud. After the prosecutor’s indictment, Wang Chenhuan was originally granted bail of 4 million yuan on April 29th, with restrictions on leaving the country and weekly reporting to the police station. However, the prosecutor immediately filed an appeal, and the judge held another hearing last night.
According to the “Taipei Times” today’s report, Wang Chenhuan revealed that he is currently facing financial difficulties: “Jianye has terminated the authorization of the Bangkok branch, and I have also been expelled from Jianye. The directors and supervisors I worked part-time for have recently resigned.” At the same time, he pointed out that although he has 4 properties, the titles have been seized by the investigation, and the properties also have loans of tens of millions of yuan, making it almost impossible to liquidate them.
When asked about the electronic monitoring device by the prosecutor, Wang Chenhuan said, “Using electronic monitoring would be a psychological burden for me, not because of face issues… But if the court believes it is more reassuring, I will respect it.” He also emphasized that with his current assets, it is impossible for him to flee. “Fleeing is not an option for me. I don’t have the ability to escape.”
However, the prosecutor does not believe Wang Chenhuan’s words. They pointed out that Wang Chenhuan, as the head of a well-known law firm and the president of ACE Trading Platform, has a lot of influence, but he leaked information and provided his luxury residence for Lin Genghong to hide. He also helped revise the white paper and launch a decentralized trading platform without any review, showing a heinous criminal method. The prosecutor firmly stated that Wang Chenhuan and his defense lawyer have always advocated guilty pleas for bail, but admitting guilt does not guarantee against fleeing, collusion, and repeated implementation of criminal activities.
The prosecutor also questioned that if Wang Chenhuan is granted bail, not only is it possible for him to flee, but he can also continue to command the crimes. In addition, the prosecutor emphasized that Wang has made profits of over 100 million yuan in this case, and based on the principle that criminals cannot keep the proceeds of their crimes, he cannot enjoy the proceeds of his crimes and requested that the bail be increased to 70 million yuan.
After a fierce debate between the two sides, the court finally ruled to increase Wang Chenhuan’s bail to 8 million yuan and required him to wear an electronic ankle monitor for 8 months, while also restricting his ability to leave the country, go to sea, and change residence.
Wang Chenhuan quickly raised the bail amount, but it took more than 2 hours just to count the money and put on the electronic ankle monitor. He walked out of the court with a serious expression in the early morning hours. When asked about his opinion on being released on bail, he said he would report to everyone at an appropriate time.
(Related Reports:
“ACE Trading Platform” virtual currency fraud case concludes with prosecution: Lin Genghong, Pan Yizhang face sentences of over 20 years, with proceeds of crime exceeding 2.2 billion yuan.
ACE Trading Platform’s Pan Yizhang charged with fraud, money laundering, and organized crime, formally indicted by the Central Prosecutors’ Office, seeking heavy sentences.
ACE Trading Platform involved in a fraud group, laundering 33 billion through “阿福錢包” Alfred Wallet and A+CARD! Retired couple caught up in 100 million USDT scam.)