Prosecutors Request Arrest Warrant for Ra Deok-yeon on Suspicion of Market Manipulation
The prosecution investigating the 'SG Securities Stock Price Crash Incident' has filed an arrest warrant for CEO Ra Deok-yeon of Hoan.
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On the 10th, the Joint Investigation Team for Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office (Chief Dan Seong-han) announced that at around 11:30 PM that day, they filed an arrest warrant for CEO Ra Deok-yeon of Hoan on charges of violating the Capital Markets Act and the Act on Concealment and Disposal of Criminal Proceeds.
The prosecution arrested CEO Ra near his residence the previous morning and began questioning him. On the same day in the afternoon, Ra's closest aide, Byeon Mo, and former professional golfer Ahn Mo were also arrested.
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The 'SG Securities Stock Price Crash Incident' involves eight stock items sold through SG Securities since the end of last month, which have hit the daily lower limit continuously, raising suspicions of stock price manipulation. CEO Ra and his accomplices are suspected of artificially boosting stock prices through collusive trading.
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