Montenegro's High Court has denied Terra founder Do Kwon's appeal against a four-month prison sentence, according to a recent update. The Podgorica Higher Court dismissed Kwon's arguments as "unfounded," upholding the lower court's decision based on an accurate factual scenario and adherence to Montenegro's Criminal Code.
Kwon and Terra executive Han Chang-Joon have been detained in Montenegro since their arrest in March. Both were found guilty of fabricating paperwork and face extradition to the United States or South Korea.
Prior to this setback, Kwon had fought attempts by the US Securities and Exchange Commission (SEC) to extradite him. The SEC, on the other side, asked that Kwon forgo his right to a jury trial if he was ever brought to court, claiming "clear, undisputed, and overwhelming" proof of his alleged securities fraud and sale.
The Montenegro High Court dismissed all appeals relating to the verdict, noting that the lower court properly assessed the facts impacting the criminal sentence and its severity.
The court also considered mitigating factors and the defendants' behavior during the procedure before upholding the imposed penalties and confiscation of fake passports and identity cards as essential measures to discourage future criminal activities.