The head of the now-defunct Optimus Asset Management has been sentenced to 25 years behind bars for investment fraud.

The Seoul Central District Court on Tuesday additionally sentenced former Optimus CEO Kim Jae-hyun to the jail time as well as a 500 million won fine and a forfeiture of over 75 billion won.

Two major shareholders also each received an eight-year jail sentence.

Kim and others were indicted on allegations that the company caused hefty losses after investing in risky assets instead of relatively safer public institutions as it promoted when soliciting one-point-three trillion won from investors.

Confirmed victims of the hedge fund scandal reach 32-hundred but the actual number is believed to be more. Some 554 billion won still needs to be reimbursed to the victims.