stock manipulation ring-bust
Prosecutors bust 10-member stock manipulation ring
SEOUL, May 8 (Yonhap) -- The prosecution on Friday announced a major crackdown on a 10-member stock manipulation ring allegedly led by a self-proclaimed movie actor and a securities firm executive.
The Seoul Southern District Prosecutors Office said it has arrested and indicted three ringleaders on charges of violating the Capital Market Act and summarily indicted six accomplices without detention. The remaining suspect is wanted.
They are accused of making at least 1.4 billion won (US$960,000) in illegal profits by manipulating the stock price of a KOSDAQ-listed company through borrowed-name accounts between December 2024 and April 2025. Prosecutors said they traded shares worth more than 28.9 billion won during the period.
Key perpetrators included a corporate raiding expert claiming 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, before manipulating stock prices by spreading false positive news.
The investigation was launched following a leniency application submitted to the Supreme Prosecutors Office by a self-reporter.
A file photo of the Seoul Southern District Prosecutors Office from Yonhap News TV (PHOTO NOT FOR SALE) (Yonhap)
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