'83-year-old Super Gaemi' Born in 1983 Arrested for Embezzling 4.6 Billion Won Through Stock Manipulation

Court: "Risk of Evidence Destruction and Flight"

[Asia Economy Reporter Yoo Byung-don] A full-time investor accused of manipulating stock prices of KOSDAQ-listed companies to pocket 4.6 billion KRW in profits has ultimately been detained.

On the 2nd, Judge Hong Jin-pyo, in charge of warrants at the Seoul Southern District Court, held a pre-arrest detention hearing for Kim Mo (39), a full-time investor suspected of violating the Capital Markets Act, and stated that a detention warrant was issued citing "risk of evidence destruction and flight."

Known as the 'Super King Ant born in '83,' Kim gained attention in stock communities for making large profits by trading a large volume of stocks within a short period. He is suspected of earning approximately 4.6 billion KRW in illicit gains through unfair trading activities last July.

Originally, Kim's detention hearing was scheduled for the morning of the 28th of last month but was postponed to the 1st due to his absence.

The Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lee Seung-hyung) reports that Kim and a related party, A, purchased 1,085,248 shares (12.09%) of metal processing company Shinjin SM twice, in June last year and July this year, and sold all shares after the stock price rose, earning a total profit of 1.11964 billion KRW.

Kim is also charged with violating the mandatory 'large shareholding report' under the Capital Markets Act, which must be filed when holding a large volume of stocks.

The Capital Markets Act stipulates that if a shareholder holds 5% or more of voting stocks in a listed company, or if there is a change of 1% or more in such holdings, a report must be submitted to the Financial Supervisory Service within five days.

Prosecutors are also reportedly investigating whether Kim's purchase of 839,188 shares (approximately 5.25%) of diary manufacturer Yangji Co. last July involves stock price manipulation charges.