Jung attempted to withdraw the entire balance from the joint Wells Fargo account by requesting a cashierโs check, intending to transfer the funds to a for-profit corporate account.
However, a bank employee found the transaction suspicious and contacted the co-account holder, the financial manager. Upon being informed of the attempted withdrawal, the financial manager interpreted Jungโs actions as an attempt to misappropriate the funds.
As a precautionary measure, she temporarily transferred the funds to her personal account to safeguard them, subsequently returned the funds to the joint account, and ultimately remitted the full amount to the Yeollin Gonggam TV account in South Korea.
The bank employee left a message for the co-owner and financial manager of the account at 3:43pm on June 8. The financial manager returned the call to the bank employee around 4:00pm.
A three-party conference call involving a Korean Wells Fargo bank employee, the fund's financial manager, and the Seattle representative.
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June 7, 2022 : Jung disclosed his attempt to transfer the funds only to Hwang in Seattle, who had provided the most support during the fundraising campaign.
He asked Hwang to manage the corporate account after the transfer and
requested that Hwang keep this information confidential.
Although it took time to identify a secure method for returning the funds, the board members, with the assistance of the U.S.-based financial manager, successfully returned 100% of the funds to the Korean-American community.