Prosecutors Arrest and Indict '83-born Super Gaemi' for Making 4.6 Billion Won from Stock Price Manipulation

[Asia Economy Reporter Yoo Byung-don] A full-time investor accused of manipulating stock prices of KOSDAQ-listed companies to pocket a profit of 4.6 billion KRW has been brought to trial.

On the 10th, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lee Seung-hyung) announced that they have arrested and indicted full-time investor Kim (age 39) on charges of violating the Capital Markets Act, among others.

Known as the "Super Wanggaemi born in '83," Kim gained attention for making large profits by trading a large volume of stocks within a short period on stock communities. He is suspected of earning approximately 4.6 billion KRW in illicit gains through unfair trading activities in July.

Kim is also charged with violating the mandatory "Large Shareholding Report" under the Capital Markets Act, which must be filed when holding a large volume of stocks.

The Capital Markets Act stipulates that if a shareholder holds 5% or more of voting stocks of a listed company, or if there is a change of 1% or more in the shareholding exceeding 5%, the shareholder must report it to the Financial Supervisory Service within five days.

On the 1st, Judge Hong Jin-pyo, in charge of warrants at the Seoul Southern District Court, held a pre-arrest detention hearing for Kim and issued an arrest warrant, citing concerns over evidence destruction and flight risk.

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