Ra Deok-yeon, Gallery Owner, Arrested and Indicted for Concealing 16 Billion Won in Criminal Proceeds

The gallery owner accused of concealing the criminal proceeds of Ra Deok-yeon (42, male) and his associates, related to the SG (Soci?t? G?n?rale) Securities crash incident, has been indicted while in custody.

On the 24th, the Seoul Southern District Prosecutors' Office announced that Nam Mo (30), the owner of N Gallery in Gangnam, Seoul, who is charged with violations of the Capital Markets Act, breach of trust, and the Act on the Regulation and Punishment of Criminal Proceeds Concealment, has been indicted in custody. With Nam's indictment, the number of defendants on trial related to Ra's group’s market manipulation has increased to nine.

Nam is accused of conspiring with Ra's group to conduct unregistered discretionary investment business and hiding approximately 16 billion KRW worth of criminal proceeds through his gallery. It was investigated that Ra's group collected fees by having investors pay part of their profits as artwork prices at Nam's gallery, thereby concealing criminal proceeds.

Ra's group is charged with generating about 730.5 billion KRW in illicit profits by artificially inflating the stock prices of eight listed companies through matched trading from May 2019 to April this year. Matched trading refers to a method where buying and selling prices are prearranged to manipulate stock prices.

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