False Stock Investment Ads on SNS Impersonating Celebrities... Police Launch Investigation

As illegal advertisements impersonating celebrities to solicit investments are rampant on social networking services (SNS), the police have launched an investigation.

According to the police on the 14th, the Seocho Police Station in Seoul is investigating an unidentified suspect on charges of fraud for posting advertisements on SNS impersonating Kim Jong-in, former Emergency Committee Chairman of the United Future Party (predecessor of the People Power Party), and Joo Jin-hyung, former CEO of Hanwha Investment & Securities, to induce stock investments.

Seocho Police Station archive photo. / Photo by Asia Economy DB

The Seoul Metropolitan Police Agency received a complaint on the 23rd of last month and assigned the case to the Seocho Police Station. Seocho Police Station is reviewing the case and plans to conduct an investigation of the complainant soon.

Previously, on SNS, a false advertisement post impersonating former Chairman Kim claimed, "I will help you make money through stocks," and guaranteed an "80% success rate." The post also included a photo of former Chairman Kim with President Yoon Suk-yeol.

As false advertisements inducing stock investments by impersonating celebrities continue, the Korea Communications Standards Commission announced plans to focus on monitoring such posts until the end of the year.

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