Ten Victims of 'SGbal Plummeting Crisis' File Complaint Against Stock Manipulation Group with Prosecutors

Victims of the SG Securities-induced crash have filed a complaint with the prosecution against the stock manipulation group.

According to the legal community, on the 1st, the law firm Lee Kang submitted a complaint by mail to the Seoul Southern District Prosecutors' Office on behalf of about 10 victims of the "SG-induced crash." They requested an investigation on charges of fraud and tax evasion under the Act on the Aggravated Punishment of Specific Crimes, violations of the Capital Markets Act, and violations of the Act on the Regulation of Concealment of Criminal Proceeds.

The law firm argued that "although the victims provided money for stock investment purposes, they were not informed by the accused about margin trading where the accused borrowed money in the victims' accounts to invest amounts larger than the principal," asserting that fraud charges are warranted.

They further stated that the stock manipulation group concealed criminal proceeds and evaded taxes by paying the profits gained from collusive trading to their own companies under the name of commissions.

Separately, the law firm Daegeon plans to file a complaint on the 8th or 9th on behalf of about 100 victims against the stock manipulation group for charges of fraud and breach of trust. The total amount of damages calculated by the law firm exceeds 100 billion won.

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