Prosecutors Arrest Ra Deok-yeon at Home in 'SG Incident'... "Considering Request for Arrest Warrant"

The joint investigation team of the prosecution and financial authorities arrested Ra Deok-yeon, CEO of H Investment Consulting, at his residence.

[Image source=Yonhap News]

On the 9th, the Joint Investigation Unit for Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office (head Dan Seong-han), the Financial Services Commission, and the Financial Supervisory Service announced that they arrested CEO Ra at his home around 10:25 a.m. that day.

A prosecution official stated, "We obtained an arrest warrant for CEO Ra and arrested him this morning," adding, "We are also considering requesting a detention warrant."

The prosecution is making thorough efforts in investigating the 'SG Securities-induced crash incident.' Recently, they conducted a search and seizure at CEO Ra's office in Signiel, Songpa-gu, and it is reported that they have also obtained warrants for his communications and bank accounts.

The 'SG Securities-induced crash incident' refers to a case suspected of stock price manipulation, where eight stocks including Samchully, Seongwang, and Harim Holdings, sold through SG Securities since the end of last month, hit the daily lower limit consecutively. Financial authorities and investigative agencies believe that CEO Ra and his accomplices recruited investors and used their mobile phones and securities accounts to conduct prearranged trades between buyers and sellers, a method known as wash trading, to artificially inflate stock prices.

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