Detention Warrants Rejected for Lawyer and Accountant Involved in Ra Deok-yeon Price Manipulation Case

Regarding the crash incident triggered by SG (Soci?t? G?n?rale) Securities, the arrest warrants for a lawyer and an accountant involved in market manipulation alongside Ra Deok-yeon (42, detained and indicted) and his group were dismissed on the 6th.

Ra Deok-yeon, CEO of investment consulting firm H, who is on trial after being arrested and indicted due to the SG (Soci?t? G?n?rale) Securities crash incident, and Han, a department head at H Securities, who is accused of conspiring with the market manipulation group by lending approximately 13 billion KRW and securities accounts and receiving several hundred million KRW in fees, is heading to the courtroom to attend the warrant hearing held on the morning of the 6th at the Seoul Southern District Court in Yangcheon-gu, Seoul.
[Image source=Yonhap News]

Kim Ji-sook, the chief judge in charge of warrants at the Seoul Southern District Court, conducted a pre-arrest hearing for lawyer Jo (43) and accountant Choi (41), then dismissed the arrest warrants requested by the prosecution, stating, "There is insufficient evidence to prove the suspects' conspiracy in Ra’s group’s market manipulation crimes, and there is room for dispute."

Judge Kim added regarding Jo and Choi, "Considering that their residences are fixed, they have expressed a strong intention to actively prove their innocence in the main trial, and that most evidence has been collected through a long-term investigation making it unlikely they would destroy evidence or flee, it is judged that there is insufficient necessity for detention."

They are accused of responding to Ra’s group’s consultation, establishing and managing a system to settle, launder, and conceal proceeds from market manipulation crimes (violations of the Capital Markets Act and the Act on the Regulation of Concealment of Crime Proceeds). The prosecution believes Jo gained about 1.2 billion KRW and Choi about 700 million KRW in illicit profits.

Ra’s group is undergoing a first trial at the Seoul Southern District Court on charges of manipulating the prices of eight stocks over a long period just before the SG-triggered crash to gain illicit profits. They are accused of artificially inflating the stock prices of eight listed companies from May 2019 to last April by prearranging buy and sell prices through collusive trading, earning approximately 730.5 billion KRW in illicit gains. The 194.4 billion KRW in fees received from investors were disguised as revenues of multiple corporations to conceal them, according to investigations.

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