A 7-Year Prison Sentence Proposed for 'Super Gaemi' Who Made 5.8 Billion Won Through Insider Trading

The prosecution has requested a 7-year prison sentence for a super individual investor YouTuber with 550,000 subscribers, who is accused of making an unfair profit of 5.8 billion KRW through front-running trades.

At the trial held on the 28th under the jurisdiction of the 11th Criminal Division of the Seoul Southern District Court (Chief Judge Jeong Doseong), the prosecution demanded a 7-year prison term for stock YouTuber Kim (54), who was indicted on charges of violating the Capital Markets Act. They also requested a fine of 17 billion KRW and confiscation of 5.8 billion KRW.

Kim, known as a super individual investor, is accused of making an unfair profit of about 5.8 billion KRW by trading in advance of recommending trades for five stocks over a one-year period from June 2021 to June last year.

According to the indictment, around June 2021, Kim recommended his YouTube viewers to buy a stock that was priced in the low 30,000 KRW range, saying, "It could go above 40,000 KRW. It might reach 40,000 or 50,000 KRW, no one knows how far it will go."

The next day at 9:10 a.m., Kim again recommended the same stock, and about an hour later, starting at 10:17 a.m., he sold approximately 68,000 shares. At the time Kim was selling, the stock price ranged between 38,850 KRW and 42,800 KRW.

Notably, Kim disguised his front-running trades as transactions by foreign investors by using Contracts for Difference (CFD). Later, he told his viewers, "I'm annoyed because foreigners are selling." Kim was indicted without detention in February.

Kim’s defense attorney stated, "He started the broadcast with the intention of helping individual investors who were facing losses, not for any personal gain."

Kim himself claimed, "If I had intended to commit fraud, I would not have featured my family on the broadcast," and added, "I did not broadcast to deceive people."

Meanwhile, the sentencing hearing for Kim is scheduled for October 12 at 2 p.m.

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