'Stock Manipulation Involvement' Ra Deok-yeon Gang Arrested... Silent on Admission of Charges

Following the 'SG Securities Stock Price Crash Incident,' a group involved in stock price manipulation, including CEO Ra Deok-yeon Hoan (42) and an employee who embezzled 1 billion KRW of corporate funds, has been brought to the brink of detention.

At around 10:30 a.m. on the 17th, Judge Yoo Hwan-woo, in charge of warrants at the Seoul Southern District Court, conducted a pre-arrest detention hearing (warrant substantive examination) for trading team leader Kim (37) and employee Heo (28), who are accused of violating the Capital Markets Act and the Act on the Aggravated Punishment of Specific Economic Crimes related to concealment of criminal proceeds. When asked by reporters whether they admitted to the charges, they entered the courtroom without any response.

According to the prosecution, these individuals, along with CEO Ra, were involved in stock price manipulation. Kim is accused of serving as the trading team leader, responsible for stock trading and managing corporate accounts. Heo worked as an employee of Ra’s corporation and, following the stock price crash, is also accused of embezzling approximately 1 billion KRW of corporate funds, resulting in additional charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.

At around 2 p.m. on the same day, Judge Kim Ji-sook, also in charge of warrants at the Seoul Southern District Court, conducted a pre-arrest detention hearing for other members of Ra’s group, Kim (45) and Na (37). Kim served as the head of the customer management team, responsible for managing VIP clients, while Na, the deputy head of the customer management team, was responsible for stock trading and investor management. They too face charges of violating the Capital Markets Act and the Act on the Aggravated Punishment of Specific Economic Crimes related to concealment of criminal proceeds.

The decision on whether to detain these individuals is expected to be announced as early as late afternoon on the same day.

Meanwhile, the accomplices who are being additionally indicted are undergoing trial combined with the cases of CEO Ra and three others who were indicted earlier in May. To date, a total of eight members of Ra’s group, including CEO Ra himself, have been indicted.

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