politics
Seoul Prosecutors Indict 9 in Alleged KOSDAQ Share-Price Manipulation Case
The Seoul Southern District Prosecutors Office announced the arrests of three ringleaders and indictments of nine others in a scheme that generated at least 1.4 billion won in illegal profits. The ring manipulated a KOSDAQ-listed company's stock from December 2024 to April 2025 using borrowed-name accounts. Yonhap reported the investigation began after a self-reporter filed a leniency application.
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The Seoul Southern District Prosecutors Office on Friday announced a crackdown on a group of ten people suspected of share-price manipulation; three were arrested and indicted, six were summarily indicted without detention, and one remains wanted. Six accomplices were summarily indicted without detention while one remaining suspect is wanted, Yonhap reported.
4 billion won, equivalent to US$960,000, in illegal profits.
The perpetrators manipulated the stock price of a KOSDAQ-listed company between December 2024 and April 2025. 9 billion won during the period through borrowed-name accounts. Key figures among the ringleaders included a corporate raiding expert who claims to be one of the protagonists of the 2009 movie "Operation," a securities firm executive, a wealthy man known to be the husband of an influencer and a former football player.
They reportedly assigned specific roles to execute the scheme, including raising funds, opening nominee accounts and securing burner phones. The group spread false positive news to manipulate stock prices after putting those elements in place. Yonhap reported the investigation was launched following a leniency application submitted to the Supreme Prosecutors Office by a self-reporter.
The Seoul Southern District Prosecutors Office detailed how the ring operated across four months in late 2024 and early 2025. 9 billion won, underscored the coordinated nature of the effort. One ringleader's background as a corporate raiding expert stood out among the group.
