Manipulated Stock Prices to Pocket 12.6 Billion Won and Disappeared... Arrested and Indicted After 11 Years on the Run
[Asia Economy Reporter Yoo Byung-don] A man in his 50s who manipulated the stock prices of KOSDAQ-listed companies and fled for about 10 years has been handed over to the prosecution.
The Seoul Southern District Prosecutors' Office Financial Investigation Division 1 (Chief Prosecutor Lee Seung-hyung) announced on the 13th that Mr. A (58) was arrested and indicted on charges of making a profit of around 10 billion KRW through stock price manipulation of KOSDAQ-listed companies (violation of the Act on Capital Market and Financial Investment Business).
Mr. A, who operated a management consulting firm, is accused of colluding with operators of an information and communication device parts manufacturing company listed on KOSDAQ and loan sharks from May to July 2009 to manipulate stock prices 316 times.
It was investigated that Mr. A used 28 nominee accounts secured from his wife and acquaintances to pocket approximately 12.6 billion KRW in price differences.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
After the Financial Services Commission filed a complaint, the prosecution investigation began in 2011, and Mr. A, who had gone into hiding, was caught in Korea in June last year. During the prosecution investigation, he reportedly shifted responsibility to an accomplice who fled overseas or denied the crime.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
