Prosecutors Arrest Two More Members of Youngpoong Paper Stock Manipulation Ring
The prosecution announced on the 9th that they recently additionally arrested two members of the organization involved in stock price manipulation of Yeongpung Paper.
On the same day, the Joint Investigation Division for Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office stated that they tracked down and apprehended two members of the price manipulation organization who were fugitives in the Yeongpung Paper price manipulation case, and obtained arrest warrants from the court on the 7th and 8th, respectively.
Seoul Southern District Prosecutors' Office, Yangcheon-gu, Seoul.
Photo by Daehyun Kim kdh@
According to the prosecution, these individuals are accused of violating the Capital Markets Act by using over 330 securities accounts from October 2022 to October last year to place price manipulation orders such as fictitious and collusive trading and high-priced purchase orders, thereby obtaining unfair profits amounting to approximately 661.6 billion KRW.
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Regarding the Yeongpung Paper incident, the prosecution has indicted 16 individuals involved in price manipulation and harboring criminals, including the mastermind Mr. Lee. Among them, one person involved in harboring criminals was sentenced to 10 months in prison with a 2-year probation in the first trial on the 5th. The first trials for the remaining 15 individuals are currently ongoing.
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