Former Securities Firm Employee Arrested for Involvement in KOSDAQ-Listed Company Stock Manipulation
Seoul Southern District Prosecutors' Office Raids Daishin Securities Last Month
Concerns Over Destruction of Evidence and Flight Risk; Accomplice Also Arrested
A former employee of Daishin Securities has been arrested on charges of conspiring with market manipulation groups to rig the stock price of a KOSDAQ-listed company.
On March 5, Kim Ji-hyun, the judge in charge of warrants at the Seoul Southern District Court, issued an arrest warrant for former Daishin Securities employee A, who was under investigation for violating the Capital Markets Act, following a pretrial detention hearing. The judge stated, "There is concern over destruction of evidence and flight risk." An arrest warrant was also issued for businessman B, who allegedly conspired with A.
A, who worked as a manager at a Daishin Securities branch in Gyeonggi Province, is suspected of collaborating with B and other market manipulation groups in early 2025 to manipulate the stock price of a KOSDAQ-listed company.
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The Financial and Securities Crime Joint Investigation Division at the Seoul Southern District Prosecutors' Office, which is investigating the case, conducted a search and seizure of the Daishin Securities headquarters in Jung-gu on February 24. After an internal audit in June 2025, Daishin Securities reported A to the Namdaemun Police Station in August, and A was dismissed at the end of last year.
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