'40 Billion Won Insider Trading Allegation' Pocheon Public Official Sentenced to 3 Years in Prison in Appeal Trial

"'Use of Insider Information' and 'Evidence Concealment' Guilty Verdict Upheld by Lower Court"

The appeal of public official Park Mo (54), who was prosecuted on charges of real estate speculation for purchasing land near a planned urban railway station using information acquired through his official duties, was dismissed.
[Image source=Yonhap News]

[Asia Economy Intern Reporter Kim Jung-wan] A public official at Pocheon City Hall in Gyeonggi Province, who was indicted for real estate speculation involving a large sum of money near the planned site of a subway station using insider information obtained through work, was sentenced to three years in prison in the appellate court as well.

The Criminal Division 1 of Uijeongbu District Court (Presiding Judge Lee Hyun-kyung) sentenced Park (54), who was detained and indicted for violating the "Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission," to three years in prison, the same as the original trial, and ordered the confiscation of the acquired real estate on the morning of the 7th.

The court stated, "Considering the circumstances after the incident, such as Park formatting the work PC at Pocheon City Hall and replacing his mobile phone, the original trial's judgment that he used insider information and concealed evidence, resulting in a guilty verdict, is justified."

It added, "However, taking into account favorable factors such as colleagues and acquaintances requesting leniency, his sincere public service, and the confiscation of the real estate."

Earlier, Park was detained and indicted on charges of purchasing 800 pyeong (approximately 2,645 square meters) of land jointly with his spouse near the planned site of the new station (Soheul Station) in September 2020 for 4 billion KRW, using location information of the new station obtained during the execution of the 'Okjeong-Pocheon Line 7 Metropolitan Railroad Extension Project.'

Park took out a loan of about 3.8 billion KRW to purchase the land for 4 billion KRW. The appraised value of the land is approximately 7 billion KRW, and the recent market price is known to reach about 10 billion KRW.

Meanwhile, the first trial court sentenced him to three years in prison, and the prosecution demanded seven years in prison in the appellate court in March, the same as in the first trial.