Prosecutors Seek Arrest Warrants for Ra Deok-yeon and 3 Others Including Employee Who Embezzled 1 Billion Won After Stock Price Plunge

The prosecution investigating the 'SG Securities-induced stock price crash incident' has requested arrest warrants for four individuals, including an employee who embezzled 1 billion KRW of corporate funds following the stock price crash, led by CEO Ra Deok-yeon Hoan (42).

[Image source=Yonhap News]

On the 12th, the joint investigation team of the Seoul Southern District Prosecutors' Office, the Financial Services Commission, and the Financial Supervisory Service announced that they had requested arrest warrants for four members of CEO Ra's group, including Kim (45), 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.

According to the prosecution, Kim, the head of the customer management team responsible for VIP client management; Na (37), deputy head of the customer management team in charge of stock trading and investment management; and Kim (37), head of the trading team responsible for stock trading and corporate account management, were charged with violations of the Capital Markets Act and the Act on the Aggravated Punishment of Specific Economic Crimes.

Employee Heo (28), who was responsible for profit settlement and management, was additionally charged with embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes. Heo is also suspected of embezzling approximately 1 billion KRW of corporate funds following the 'SG Securities-induced stock price crash incident.'

The pre-arrest detention hearings (warrant hearings) for these individuals are scheduled to be held on the 17th at the Seoul Southern District Court.

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