Prosecutors Conduct Search and Seizure of Ra Deok-yeon, Treasurer of SG Development Amid Stock Plunge
Seoul Western District Prosecutors' Office Conducts Search of Residence Linked to Ra Deok-yeon’s Associate in Gangnam-gu
On the 22nd, the prosecution conducted a search and seizure of Jang (36), who managed investment funds alongside Hoan CEO Ra Deok-yeon (42), in connection with the stock market crash triggered by Societe Generale (SG) Securities.
The Seoul Southern District Prosecutors' Office Financial Securities Crime Joint Investigation Team (Chief Dan Seong-han) dispatched prosecutors and investigators to Jang's residence in Gangnam-gu, Seoul, to secure related materials.
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2023051910570236395_1684461423.jpg)
Jang is known to have assisted Ra by managing investor information, overseeing trading schedules for market manipulation, and compiling financial data such as investment funds and settlements.
Jang is listed as an inside director at Gallery, an online media outlet purchased by Hoan, operated by Ra and his associates, which was used as a 'commission channel' to receive part of the investment profits through indirect means.
The prosecution arrested Ra on the 11th, and on the following day, the 12th, they detained close aides Byun (40) and Ahn (33), who were responsible for recruiting investors, on charges of violating the Capital Markets Act and the Act on the Aggravated Punishment of Specific Economic Crimes related to Concealment of Criminal Proceeds, and are currently investigating them.
Ra is accused of manipulating stock prices through prearranged trading by receiving personal information such as mobile phone numbers and securities accounts from multiple investors and conducting matched orders.
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He is also charged with operating an investment advisory firm without registration with financial authorities, embezzling part of the profits under the guise of commissions through unrelated corporations, and laundering criminal proceeds by purchasing golf courses overseas.
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