BY Julie Jones | Nov 09, 2015 08:52 AM EST
According to the Korean media outlet Korea Times, a man has been arrested on charges of investment fraud that involves photos and DVDs of actor Lee Min Ho.
The man, identified only as Kim, is reportedly the manager of a Korean celebrity talent agency. He reportedly asked a woman to invest in the production of a photo album, consisting of 100 photos, and two DVDs that featured Lee Min Ho. Kim allegedly promised to repay the money within a year and give her 18 percent of the profit.
Kim asked the woman for an investment of $520,000 (600 million won). In December 2013 he signed a deal with Lee's agency Starhaus Entertainment to publish the photos and album for $390,000. The product went on sale in April 2014 for $87. According to his investor, Kim did not repay the original investment or deliver the promised profit. The investor asked Kim several times to repay her but he did not. Eventually she decided to sue him.
After the investor sued Kim, he told the police that the project did not generate any profits and he could therefore not afford to pay the woman.
"The actual sales were only 600 million won and it didn't reach the break-even point," Kim told the police.
The Seoul Yeongdeungpo police confirmed that Kim was not able to repay his debt. The police sent the case to the prosecutor's office, adding in an interview with the Korean media outlet The Star, that "This case has nothing to do with Lee's agency."
Lee Min Ho's agency Starhaus Entertainment is not involved in the legal action taken against Kim.
According to the The Star, Kim was arrested on November 9.
Normally, anything that Lee Min Ho is involved in generates a profit. His dramas and films are considered a good investment. Lee was recently selected to represent and promote Korea's tourism industry because of his international popularity. He's the star of numerous internationally popular K-dramas and K-movies. He appeared in the dramas "Boys Over Flowers," "City Hunter," "Personal Taste," "Faith: The Great Doctor," and "The Heirs," as well as the film "Gangnam Blues." The Hallyu star can be seen this year in the film "The Bounty Hunters."
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