Police Question "Cheongdam-dong Stock Millionaire" Lee Heejin Over 1.8 Billion Won Fraud Allegation

Lee Heejin (39), known as the "Cheongdam-dong Stock Rich," who has been sued for allegedly failing to settle approximately 1.8 billion won in payments to a business partner in a virtual asset project, appeared before the police.

The Seoul Gangnam Police Station announced on December 2 that Lee was summoned and is being investigated as a suspect on fraud charges under the Act on the Aggravated Punishment of Specific Economic Crimes.

According to a complaint filed in May by Mr. A, CEO of Pikacoin, Lee allegedly deceived him by claiming to have spent 4 billion won on listing expenses after entering into a joint development contract for an art piece fractional investment token project, and failed to settle the sale proceeds of 1.88 billion won.

Meanwhile, Lee became known as the "Cheongdam-dong Stock Rich" after appearing on television from 2013 and reportedly making substantial profits from stock investments. However, he was sentenced to three years and six months in prison for operating an unlicensed investment advisory firm and pocketing 13 billion won in trading profits, serving his sentence until March 2020. He is currently on trial for allegedly manipulating prices and engaging in exaggerated promotions of scam coins, defrauding investors of approximately 89.7 billion won as of September 2023.

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