5 Dumbest Things on Wall Street: July 18

5. Korean Judges Gone Wild

If you've ever considered stiffing the tax man but were deterred by the fear of a stint in the clink, then South Korea could be the place for you.

It's especially appealing if your family controls a major conglomerate. Just ask Lee Kun-Hee. The former head of South Korea's Samsung was convicted by a South Korean court of tax evasion for trying to hide $4.5 billion, yet he somehow got off without any jail time.

"His crime is not serious enough to sentence him to prison," the judge is reported as saying.

How $4.5 billion isn't "serious enough" is beyond belief, but hey, it's working for Lee.

The defense used the argument that his secret accounts were intended to maintain family control of the business and stave off unwelcome buyers seeking to wrest it away from him. Clearly that defense didn't work to avoid a conviction, but it did seem to do very well in getting him off without hard time.

His main punishment is to pay a $110 million fine and approximately the same again in unpaid taxes.

Contrast that with the case of Richard Hatch, winner of the first series of the CBS (CBS Quote)reality-TV show Survivor. He must be kicking himself for not moving to Korea before his 2006 tax evasion trial.

Hatch was tried in Providence, R.I., and was sentenced to roughly four years behind bars after being convicted for evading taxes on approximately $1.3 million of income largely stemming from awards for winning the TV elimination competition.

To put that in perspective -- Lee Kun-Hee sheltered 3,500 times more income without earning a prison punishment.

Maybe "Girls Gone Wild" creator, Joe Francis, should think about moving to Korea before his pending tax evasion trial.

Dumb-o-meter score: 75 Time for a trip to Seoul.

TheStreet.com Staff Reporter Mike Taylor contributed to this article.