Cho PD is found guilty of fraud.
On November 23, the Seoul Central District Court sentenced 2 years of suspended sentence and 3 years of probation to Cho PD for fraud. If Cho PD violates his probation, he will be sentenced to 2 years of penal servitude.
Back in July 2015, Cho PD signed a contract transferring the assets and artists of his agency, Stardom Entertainment, to a company identified as 'A.' Cho PD also agreed to work for the company 'A' for 5 years and demanded he be compensated a total of 12 billion KRW (11 million USD), which is the amount he claimed to have used in investment for his artists. Cho PD also claimed he failed to receive any profit from the artists under Stardom Entertainment.
However, company 'A' found out that Cho PD did not tell them about the profit of 270 million KRW (238,000 USD) that he gained from his artist's Japan concert in May 2014. He was later sued for fraud.
Cho PD accepted the ruling and stated via Twitter, "I deeply apology for causing issues with my insufficiency."
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Not surprised at all, he's always been among the shadiest CEO