[La Deok-yeon Gate] Prosecution Raids Gallery Suspected as 'Money Laundering Channel' of La Deok-yeon

The prosecution investigating the 'SG Securities-induced stock price crash incident' is conducting a search and seizure of a gallery suspected to be a 'money laundering channel' for CEO Ra Deok-yeon and Hoan.

[Image source=Yonhap News]

According to the legal community on the 19th, the Seoul Southern District Prosecutors' Office's Joint Investigation Team on Financial and Securities Crimes (Chief Dan Sung-han) is conducting a search and seizure of the residence and gallery of the gallery owner suspected to be a laundering channel for commissions.

CEO Ra and his associates are suspected of collecting commissions by having investors use part of their profits to purchase paintings at this gallery. It is reported that the paintings were not actually sent to the investors.

The prosecution believes that CEO Ra and his associates operated hospitals, restaurants, and golf practice ranges, where they collected investment commissions by making payments in a so-called 'card kkang' manner.

The court approved a pre-indictment seizure request on the assets of CEO Ra and his associates, freezing assets worth 264.2 billion won. The prosecution estimates that they collected 132.1 billion won, half of this amount, as commissions.

Meanwhile, the prosecution has detected evidence that from April last year to last month, CEO Ra and his associates used 116 investors' accounts to conduct a total of about 1,200 cases of stock wash trading amounting to 47.4 billion won.

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