Terra founder Do Kwon has lost his appeal against a four-month prison sentence with a Montenegro High Court rejecting his claims and describing them as “unfounded.”
In a statement issued today, the Podgorica Higher Court rejected Kwon’s appeal against a lower court judgment. It said that the Podgorica Basic Court had “correctly and completely established the factual situation,” “correctly applied the Criminal Code of Montenegro,” and “determined and evaluated all the circumstances that influence the choice of criminal sanction and its amount.”
Do Kwon had attempted to appeal a prison sentence after he and Terra executive Han Chang-Joon were found guilty of falsifying documents. The pair have remained in custody in Montenegro since their arrest in March and are awaiting extradition to either the US or South Korea.
Do Kwon has previously fought attempts from the US Securities and Exchange Commission (SEC) to extradite him. In contrast, the SEC has requested that Kwon should forgo a jury if he is ever tried, as the SEC argues his alleged fraud and sale of securities is “clear, undisputed, and overwhelming.”