Prosecutors on Tuesday demanded a five-year prison sentence for the eldest son of former People Power Party lawmaker Thae Yong-ho on charges of swindling about 1.4 billion won ($924,086) in a cryptocurrency investment scam. The prosecution made the request during the first hearing of the case involving the defendant at the Seoul Central District Court. The younger Tae faces charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes. "The nature of the crime is grave because the total damage reached 1.4 billion won and the defendant exploited the victims' trust in him," the prosecution said. "He continued his crimes through a Ponzi scheme, using money from new investors to pay off his existing debts." The state prosecutors also noted that the damage has not been recovered yet and it is unlikely that the victims will get their money back anytime soon. The defendant admitted to his crimes and asked the court for mercy during the trial. "I admit my wrongdoing and I have cooperated faithfully with the investigation by submitting all my financial and cryptocu