[La Deok-yeon Gate] Prosecution Detects La Deok-yeon's Name in Securities Account Suspected of Stock Price Manipulation
The prosecution investigating the 'SG Securities-triggered crash' has identified the names of La Deok-yeon, CEO of Hoan (42), and other members of the stock price manipulation group from securities accounts suspected of being used for stock price manipulation.
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According to the legal community on the 15th, the Joint Investigation Team of the Seoul Southern District Prosecutors' Office for Financial and Securities Crimes (led by Dan Seong Han), the Financial Services Commission, and the Financial Supervisory Service have detected the names of La CEO and other stock price manipulation members in the list of securities accounts suspected of being involved in stock price manipulation.
After identifying the names of the stock price manipulation group in the related accounts, the prosecution immediately filed arrest warrants with the court on the following day, the 10th. The list includes the arrested La CEO and his closest aide Byun Mo (40), Jo Mo (41) who was in charge of investor hospitality and profit management, Jang Mo (35) who managed investor information and stock trading schedules, and hospital director Ju Mo who recruited high-net-worth investors such as doctors.
The prosecution also found that La CEO, on the 24th of last month when reports related to the stock price crash were released, disposed of related documents through a document shredding company and returned mobile phones suspected of being used for wash trading to investors.
La CEO has claimed he was not involved in the stock price manipulation, but the court issued an arrest warrant for him on the 11th, citing "risk of flight and concern over evidence destruction." Byun and former professional golfer Ahn Mo (33) were also arrested the next day for the same reasons.
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※ This SG Securities-triggered stock price crash has sounded an alarm for the order of the capital market. Readers’ tips will be a great help in uncovering the truth. We welcome any information regarding investment damage cases, suspicions of stock price manipulation and asset concealment by La Deok-yeon’s side, details about the mass sell-off by major shareholders of Dow Data and Seoul Gas, or any other related content (jebo1@asiae.co.kr). Asia Economy will do its best to establish a transparent capital market order.
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