'Deutsche Motors Stock Manipulation Accomplice' Also Receives Suspended Prison Sentence on Appeal
Both Lee and Special Prosecutor's Appeals Dismissed
Mr. Lee, a co-conspirator in the 'Deutsche Motors stock price manipulation' case, has also been sentenced to a suspended prison term in the appellate trial.
The Seoul High Court Criminal Division 5 (Presiding Judge Kim Yongseok) on May 21 sentenced Mr. Lee, who was charged with violating the Capital Markets Act, to 10 months in prison with a two-year suspension of execution and a fine of 40 million won, the same sentence as in the first trial.
The court found, as in the first instance, that Mr. Lee participated in the second round of Deutsche Motors stock price manipulation. The court pointed out, "By submitting orders to achieve the actual target stock price, the defendant accounted for a significant portion of the total trading volume, thereby contributing to both defending the price from falling and raising it."
The court further stated, "The defendant organized and committed capital market disruption crimes together with listed company representatives and others, and his awareness of compliance was poor, so his culpability is severe." However, the court also said, "Given that the period of direct involvement was relatively short, it is difficult to conclude that the total profit from price differences was substantial, and it is unreasonable to assign full responsibility for the stock price fluctuations to the defendant. Taking into account all the circumstances considered by the lower court, the sentence does not seem to exceed the reasonable range or be unjustified."
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Mr. Lee was brought to trial in December last year on charges of conspiring with former Deutsche Motors Chairman Kwon Osu and former Black Pearl Invest CEO Lee Jongho to manipulate Deutsche Motors stock prices between October 2010 and December 2012, thereby obtaining illicit gains of 13 million won.
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