Singer Lee Seunggi's Father-in-Law Released on Bail in 'Quantapia Stock Manipulation' Case

Lee's father-in-law, Mr. Lee (57), who was arrested on charges of manipulating the stock price of a KOSDAQ-listed company to gain illicit profits, has been released on bail. Lee is the father-in-law of singer and actor Lee Seunggi.

On September 24, the 15th Criminal Division of the Seoul Southern District Court (Presiding Judge Yang Hwansung) announced that it had granted Mr. Lee's request for bail on September 22. The court imposed several conditions, including: a deposit of 100 million won, submission of a written pledge, restrictions on residence, mandatory court appearances when summoned, notification to the court before leaving the country, and a prohibition on contacting individuals related to the case.

Mr. Lee is accused of making false disclosures regarding a 100 billion won fundraising in June 2023 to inflate the stock price of the renewable energy company Quantapia, thereby securing illicit profits of approximately 5 billion won. Between May and December of the same year, he is also alleged to have ordered price manipulation of Quantapia shares with accomplices, earning an additional 1.1 billion won in illegal gains.

After trading of Quantapia shares was suspended, Mr. Lee is alleged to have promised a former prosecution investigator a retainer of 30 million won and a success fee of 1 billion won in exchange for resolving the issue. He is also accused of using undisclosed information related to the KOSDAQ-listed company Xecure to purchase shares under borrowed names, profiting 100 million won in capital gains.

The Seoul Southern District Prosecutors' Office arrested Mr. Lee around April and indicted him on May 15. The stock price manipulation ring uncovered by prosecutors at the time included 13 individuals. At the first trial held in June, Mr. Lee's legal team denied all charges brought by the prosecution.

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