'Stock Trading Allegations' Lee Yoo-jung, Former Constitutional Court Judge Nominee, Acquitted in First Trial

Court: "Acquired information lacks accuracy and objectivity... Minimal impact on investors"

Yoo Jeong Lee, a nominee for the Constitutional Court Justice, is answering questions at the confirmation hearing held at the National Assembly on the morning of the 28th. (Photo by Yonhap News)

[Asia Economy Reporter Yoo Byung-don] Former Constitutional Court nominee Lee Yoo-jung, who was prosecuted on charges of avoiding stock losses using undisclosed information, was acquitted in the first trial.

On the 22nd, Judge Kim Jin-chul of the Seoul Southern District Court Criminal Division 6 acquitted Lee, who was charged with violating the Capital Markets Act, at the sentencing hearing.

Judge Kim stated, "The information obtained from the Ministry of Food and Drug Safety is difficult to consider as accurate and objective," and added, "It does not appear to be specific enough to clearly influence investors' investment decisions."

Previously, the prosecution had requested a sentence of one year imprisonment with two years probation and a fine of 80 million won for Lee.

Lee was non-detained indicted on charges of avoiding losses worth approximately 81 million won in stock trading by using undisclosed information from the health functional food manufacturing company 'Natural Endotech.'

Lee was embroiled in such allegations after being nominated as a Constitutional Court judge candidate in August 2017 and eventually resigned voluntarily.