Enlarge / Totes on a conveyor belt which will be used to pick an order inside Newegg’s small item warehouse as seen on July 2, 2014 in the City of Industry. Newegg is a leading online retailer. (credit: Gary Friedman/Los Angeles Times via Getty Images)
Newegg, the well-known online electronics retailer and slayer of patent trolls, has been sued in federal court in Los Angeles by several major Korean banks.
The banks, which include Industrial Bank of Korea, Nonghyup Bank, Keb Hana Bank and Kookmin Bank, allege that Newegg and ASI Corporation pursued fraudulent deals with Moneual.
As Gizmodo noted, the Korean electronics manufacturer sold home theater PCs and cheap robotic vacuum cleaners, among other products.
In 2015, Moneual’s then-CEO Park Hong-seok, was convicted by the Seoul Central District Court of fraud, and was sentenced to 23 years in prison, and was ordered to forfeit over $31 million in ill-gotten gains.
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