Ra Deok-yeon Established Furniture Company Just Before SG Stock Plummeted

New Corporation 'Spetedic' Established in Nonhyeon-dong on the 18th of Last Month
Father of Pro Golfer Ahn, Close to CEO Ra, Also in Furniture Business
Suspicions of Money Laundering Channels Like Golf Practice Range and Gallery

It has been confirmed that Ra Deok-yeon, CEO of H Investment Consulting and the key suspect in the stock price crash incident triggered by the foreign securities firm Societe Generale (SG) Securities, newly established a furniture company just before the stocks he invested in plummeted. Previously, golf practice ranges and galleries were detected as channels for money laundering, raising suspicions that this furniture company was also set up for similar purposes.

A building exterior located in Nonhyeon-dong, Gangnam-gu, Seoul, the registered address of 'Spetedic,' a corporation established by former H Investment Consulting CEO Ra Deok-yeon. / Photo by Jang Hyowon

According to industry sources on the 3rd, on the 18th of last month, CEO Ra Deok-yeon newly established a corporation named ‘Spetheic Co., Ltd.’ in Nonhyeon-dong, Gangnam-gu, Seoul. The capital was 500 million KRW, which is relatively large for a newly established corporation. The business purpose includes manufacturing and wholesale/retail of wooden furniture and other furniture.

Currently, at the registered address of Spetheic, there is an M-brand furniture store operated by company C. The M furniture brand uses the first floor and basement level 1 of this building, which matches the registered address of Ra’s corporation. However, there is no brand named Spetheic.

An employee of the M brand said, “Company C operates the M brand directly here,” and “I have never heard of the brand or company named Spetheic.” This led the securities industry to suspect that Ra and his associates established a shell company to pocket investment profits.

According to investors, when profits were generated, Ra first paid investors and took a portion as fees. At this time, golf practice ranges, galleries, broadcasting production companies, and gyms were used as channels to receive fees. Investors bought golf memberships or gallery paintings as a method. In fact, Ra and his associates are suspected of using the corporations that received fees as channels for money laundering by purchasing expensive foreign cars and luxury goods with corporate cards.

In particular, the choice of the furniture business is presumed to be related to the father of professional golfer Ahn, known as Ra’s right-hand man, who runs a furniture business. Ahn previously served as the head of the headquarters at his father’s furniture company B and received management training. Additionally, the CEO of company C, which operates the M brand at the Spetheic registered address, is known to be a close friend of Ra. Ra stated, “The CEO of company C is a close younger brother,” and “I was not aware that the corporation Spetheic was established; I will check on it.”

Currently, the joint investigation team of the Seoul Southern District Prosecutors’ Office and the Financial Services Commission is investigating Ra on charges of market manipulation and unregistered business activities under the Capital Markets Act. It has been revealed that Ra and his associates received investment funds and mobile phones from investors, then created Contracts for Difference (CFD) accounts to invest in stocks. The prosecution believes that ‘wash trading’ for high-priced transactions also occurred during this process.

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