Unlisted Stock Transactions Worth Up to 16.5 Billion Won... Full-Time Housewives Receive Suspended Sentences

Full-time housewives involved in unlisted stock transactions worth up to 16.5 billion won have been sentenced to suspended prison terms and fines by the court. The court acknowledged the illegality of their actions but determined that there was no evidence of fraudulent transactions.

On September 11, Judge Jeon Heesook of the Gwangju District Court's Criminal Division 9 sentenced A and four others, who were indicted for violating the Capital Markets Act and the Financial Investment Services and Capital Markets Act, to prison terms ranging from six months to two years, suspended for two to three years. Some defendants were also ordered to perform 120 hours of community service.

B and 11 others, who were indicted on the same charges, were each fined amounts ranging from 500,000 won to 6 million won.

The majority of the defendants are full-time housewives. Between January and October of last year, they worked at unauthorized and unregistered financial investment firms and were accused of selling unlisted stocks. The volume of stocks sold by each individual ranged from at least 138 million won to as much as 16.5 billion won.

The court stated, "Although the defendants bear significant responsibility, there was no evidence of fraudulent or unfair transactions during the sales process," adding, "The actual profits obtained were not substantial compared to the scale of the transactions."

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