Eight Members of a Gang Manipulating Stock Prices of Lime Investment Listed Companies Sent to Trial

[Asia Economy Reporter Park Sun-mi] Eight individuals involved in manipulating the stock prices of KOSDAQ-listed companies invested with Lime Asset Management (Lime) fund money have been brought to trial.

The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Jo Sang-won) announced on the 6th that it indicted seven executives and employees of Company A, including Vice President Lee, who acquired five KOSDAQ-listed companies supported by Lime funds and distributed false press releases to inflate stock prices, along with one securities firm employee who assisted in the stock price manipulation.

They are accused of distributing false press releases claiming that the listed companies were pursuing new businesses such as artificial intelligence (AI), virtual reality (VR), and autonomous vehicles to boost stock prices, issuing false press releases suggesting hostile M&A attempts on specific companies, and embezzling company funds by falsely registering family members or acquaintances as employees.

Among them, four others besides Vice President Lee have already been arrested and indicted on charges including market manipulation of the listed companies.