'Yeongpung Paper Stock Manipulation' Fund Manager in His 60s, Sent to Trial in Custody

Regarding the 'Yeongpung Paper Stock Manipulation' incident, which recorded an astronomical unfair gain of 661.6 billion KRW, the prosecution recently secured the custody of an accomplice who played the role of a financier and additionally indicted him.

Seoul Southern District Prosecutors' Office, Yangcheon-gu, Seoul.
Photo by Kim Daehyun kdh@

On the 29th, the Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Gong Junhyeok) announced that Kim (69), a major accomplice in the Yeongpung Paper stock manipulation case, was arrested and indicted on the 26th.

According to the prosecution, Kim, who runs a one-person company, is accused of conspiring with Lee, the mastermind of the Yeongpung Paper stock manipulation, to manipulate stock prices, submitting manipulation orders, and providing approximately 17 billion KRW in funds, thereby obtaining unfair gains worth hundreds of billions of KRW (violation of the Capital Markets Act).

Since October of last year, a total of 24 individuals, including those involved in stock price manipulation and harboring criminals, have been indicted in connection with the Yeongpung Paper incident under investigation by the Seoul Southern District Prosecutors' Office. The first trial is currently underway.

A prosecution official stated, "By strictly punishing offenders involved in stock price manipulation and other financial and securities crimes, we will protect honest general investors and ensure that the message 'those who disrupt market order through financial and securities crimes must pay the price, and no criminal proceeds can be kept' is clearly conveyed. We will do our best to achieve this."

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