Bank and Securities Employees Who Helped Ra Deok-yeon’s Group Raise Investment Indicted and Detained

Bank employees and securities firm staff who helped raise investments for the core figure of the 'SG Securities Stock Price Crash Incident,' CEO Ra Deok-yeon Hoan (42), have been indicted while in custody.

[Image source=Yonhap News]

On the 21st, the joint investigation team of the Seoul Southern District Prosecutors' Office, the Financial Services Commission, and the Financial Supervisory Service announced that Kim (50), a financial team leader at a commercial bank branch, and Han (53), a securities firm employee, were indicted in custody on charges of violating the Capital Markets Act, the Act on the Aggravated Punishment of Specific Economic Crimes, and the Act on Reporting and Using Specified Financial Transaction Information.

According to the prosecution, Kim is accused of participating in the crimes of CEO Ra's group, who are suspected of market manipulation, by attracting investors and pocketing 250 million won from them. Han is also accused of introducing investors and receiving 290 million won.

The prosecution had previously requested arrest warrants for Kim and Han in June and July, respectively, but they were dismissed. After supplementary investigations, the prosecution re-requested the arrest warrants, which were issued on the 13th and 14th for Kim and Han, respectively.

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