Prosecutors in Taiwan have proposed lengthy prison sentences for ACE Exchange’s founder, David Pan, and former executives as main suspects in an alleged fraud and money laundering case. This development came after the Taiwanese authorities initiated a fresh round of charges against the exchange founder and several others.
ACE Exchange Defendants Face Potential Lengthy Jail Term
On Friday, April 26, the Taipei District Prosecutors’ Office indicted 32 individuals involved in an alleged money laundering and fraud scheme. Among those indicted are Pan, his business partner Lin Keng-hong, and attorney Wang Chen-huan, who served as the exchange’s chairman.
The prosecutors alleged that the defendants promoted investments in various tokens, including NFTC tokens, Bitnature coins, and MoChange – a token developed by Ace Exchange. Investigations revealed that the suspects crafted white papers and other documents to enhance the perceived legitimacy of these investments.
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