TAIPEI (Taiwan News) — Gaming company XPEC Entertainment Inc. ex-Chair Aaron Hsu (許金龍) reported to prosecutors Tuesday (Sept. 26) to start a 10-year prison term for embezzlement.

A Japanese firm, Bai Chi Gan Tou Digital Entertainment Co., tried to buy XPEC in May 2016, but when the attempt failed, an estimated 30,000 Taiwanese investors lost their money. During the subsequent investigation, it turned out Hsu had set up the Japanese company as part of a fraudulent scheme.

The Supreme Court on Sept. 20 rejected final appeals against his prison sentence, while it also confirmed a fine of NT$60 million (US$1.86 million) for Hsu and the confiscation of N$1.2 billion in illegal profits from the deal.

The authorities took steps to prevent him leaving the country, but he showed up at the Taipei District Prosecutors Office on time Tuesday morning to start serving his sentence, per UDN.

In 2018, the Taipei District Court had sentenced him to 18 years in prison and a fine of NT$100 million. Later court decisions reduced the length of the jail term and the size of the fine.

A Chinese and a Japanese citizen were also allegedly involved in the scheme. Also, former central and local government officials were investigated as they served as independent directors with XPEC.