ALEXANDRIA — A federal jury convicted Jihoon Park, 52, on Sept. 8 of defrauding investors of more than $2.5 million and concealing millions in cryptocurrency during bankruptcy proceedings.

Park, a Chantilly resident, transferred funds from multiple victims to himself, spending the money on a house and crypto, according to the Justice Department. He gained victims' trust through personal relationships and his previous affiliation with a large national financial institution, promising safe investments with high returns before diverting their money.

"Instead, he stole the millions of dollars entrusted to him to enrich himself," said Assistant Attorney General A. Tysen Duva of the Criminal Division.

“"Instead, he stole the millions of dollars entrusted to him to enrich himself," said”

Park moved assets to his wife after one victim sued him, then concealed millions in cryptocurrency before filing for bankruptcy protection. His Chapter 7 filing on Jan. 14, 2025, in the Eastern District of Virginia listed only $0.34 in financial assets and claimed no cryptocurrency ownership—a maneuver prosecutors said aimed to shield funds from creditors.

Prosecutors documented specific transactions. One investor gave Park a $300,000 check in Aug. 2024. The following month, Park purchased a Chantilly house for approximately $1.2 million using a $700,000 down payment that included the investor's money, according to an Aug. 2025 bankruptcy court opinion.

During bankruptcy proceedings, the trustee sought to recover the $700,000 down payment or unwind the property transfer. The investor pursued an interest in the house. Chief U.S. Bankruptcy Judge Brian F. Kenney dismissed the investor's claim, ruling that the trustee's avoidance powers took precedence.

Park also waived his bankruptcy discharge, meaning he retains personal liability for his financial obligations rather than having them erased.

The jury convicted Park on three counts of wire fraud and two counts of bankruptcy fraud. Sentencing is scheduled for Dec. 10.

This case follows other prosecutions involving cryptocurrency and investment fraud. In August, prosecutors secured a verdict against Block Bits cryptocurrency fund operators, proving an automated trading system never existed. Dutch authorities also recovered $2.55 million by liquidating crypto linked to the bankrupt trading platform Knaken, though thousands of customers remain unpaid.