Kim Woo-dong, CEO of Jogwang ILI, Arrested on Charges of Fraudulent Illegal Transactions
Kim Woo-dong, CEO of Jogwang ILI, who is accused of manipulating stock prices through false and exaggerated disclosures after acquiring and merging KOSDAQ-listed companies without equity capital, will be investigated while in custody.
On the 5th, the Financial Crime Joint Investigation Team of the Seoul Southern District Prosecutors' Office (led by Dan Seong-han) obtained an arrest warrant for CEO Kim on charges including violation of the Capital Markets Act (fraudulent unfair trading) the previous day.
CEO Kim is suspected of inflating stock prices through false disclosures while acquiring and merging several KOSDAQ-listed companies without capital, as well as embezzling company funds from the acquired firms.
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The prosecution reportedly began investigating CEO Kim following a fast-track (emergency measure) and complaint filed by the Financial Supervisory Service.
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