Prosecutors Sentence Lime Investment Firm Stock Manipulation Ring to Prison Terms

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The prosecution has requested prison sentences for a group accused of manipulating stock prices with false information after receiving a request to boost the stock price of a listed company in which Lime Asset Management had invested, in connection with the Lime Asset Management scandal.

On the 10th, the prosecution requested an 8-year prison sentence, a fine of 8 billion KRW, and a confiscation of 1.6 billion KRW for Park, the operator of an unregistered investment advisory firm, at the sentencing hearing held by the 11th Criminal Division of the Seoul Southern District Court (Chief Judge Lee Hwan-seung).

Kim, Park's business partner, was requested to receive a 7-year prison sentence and a fine of 6 billion KRW, while three others, including employee Lee, were each requested to receive a 3-year prison sentence and a fine of 300 million KRW.

The prosecution explained the reason for the request, stating, "The defendants professionally manipulated stock prices, seriously undermining the sound order of the capital market, which caused many victims."

Park and his group are accused of manipulating stock prices by posting false positive information on stock cafes after receiving a request to boost the stock price of Esmo Materials, a KOSDAQ-listed company, using investment funds received from Lime.

Additionally, the prosecution requested an 8-year prison sentence and a fine of 8 billion KRW for broker Jung, who is accused of requesting the stock price boost from them. Jung is suspected of receiving the request from former Lead Vice Chairman Park and passing it on to Park and his group while collecting a commission.

The sentencing hearing for these individuals will be held at 10 a.m. on the 26th.

This content was produced with the assistance of AI translation services.