Police Search and Seize Lawmaker Lee Choonseok's Office Over Alleged Stock Transactions Under Borrowed Names

The police have conducted a search and seizure of the National Assembly office of independent lawmaker Lee Choonseok (four-term, Iksan-gap, North Jeolla Province), who is under suspicion of trading stocks under borrowed names.

Yonhap News Agency

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency began the search and seizure of Lee's office and other related locations around 10 a.m. on September 18.

The police are reportedly seeking to secure additional materials related to the source of funds used for stock investments.

This comes 38 days after a previous search and seizure was conducted at Lee's office and local branch on August 11.

The amount of stock investment funds traded under the name of Lee's aide, identified as Cha, is reported to exceed 1 billion won, and the police are tracing the origin of these funds.

According to disclosures to the Public Service Ethics Committee over the past four years, Lee reported assets in the range of 420 million to 470 million won, meaning the funds invested in stocks under borrowed names are more than double his declared assets.

In light of this, the police are also considering the possibility that Lee's stock investment funds may include external sources such as political donations.

The investigation began after Lee was spotted by the media last month trading shares related to artificial intelligence under his aide Cha's name during a plenary session of the National Assembly.

Lee's side has acknowledged violating the Real Name Financial Transactions Act in connection with trading under borrowed names, but denies allegations of violating the Capital Markets Act by using undisclosed information obtained from the National Policy Planning Committee and other sources.

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