SG Securities-Linked Crash Accomplice Securities Executive Arrested for 'Aiding Investment Attraction and Embezzling 290 Million Won'

Involvement in Market Manipulation, Investor Introduction
29 Million Won Embezzled, Arrested After Reinforced Investigation
Rassi Group Under Trial at Seoul Southern District Court

Following the arrest of a banker who assisted the investment attraction of Ra Deok-yeon (42) and his associates involved in the SG (Soci?t? G?n?rale) Securities-induced crash, a securities company manager was also detained on the 14th. Kim Ji-suk, the presiding judge in charge of warrants at the Seoul Southern District Court, issued an arrest warrant for Han Mo (53), a securities company manager, citing "risk of flight." Han is suspected of cooperating with Ra's group in market manipulation, introducing investors, and pocketing 290 million KRW.

[Image source=Yonhap News]

Previously, the prosecution had applied for an arrest warrant for Han in July, but it was dismissed due to the need to exercise the right to defense. After supplementary investigations, the warrant was reissued and granted two months later.

The prosecution also re-applied for an arrest warrant for Kim Mo (50), head of the corporate finance team at a commercial bank, who was detained the previous day on grounds of flight risk. Kim faces the same charges as Han, accused of attracting investors and pocketing 250 million KRW.

Meanwhile, Ra and his associates are undergoing first trial proceedings at the Seoul Southern District Court for manipulating the stock prices of the problematic stocks prior to the SG-induced crash. From May 2019 to last April, they are accused of engaging in wash trading (prearranged buying and selling of stocks) to inflate the stock prices of eight listed companies, generating approximately 730.5 billion KRW in illicit profits.

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