"1 Trillion Won Operating Fund Celebration at Malatang Restaurant"
Lim Chang-jung Denies Involvement, Says "I Also Suffered 3 Billion Won in Damages"
Regarding the 'stock price crash incident triggered by foreign securities firm Soci?t? G?n?rale (SG) Securities,' claims have emerged that singer Lim Chang-jung and his wife Seo Ha-yan, who assert they suffered damages worth around 3 billion KRW from the suspected stock manipulation group, also attended a commemorative party hosted by the stock manipulation gang.
On the 27th, JTBC reported, citing an interview with an insider employee who worked in the 'trading team' of the stock manipulation group, that the Lim Chang-jung and Seo Ha-yan couple attended a celebration party last November marking the manipulation group's milestone of managing 1 trillion KRW in operating funds.
The employee said, "Last year, the group held a morning party to celebrate surpassing 1 trillion KRW in managed funds," adding, "The party was held at a Malatang restaurant where investors' commission payments were processed, and the Lim Chang-jung couple also attended. People gathered to cheer each other on and enjoyed various entertaining events."
The employee also exposed the stock trading system. He revealed, "Employees directly bought and sold stocks using investors' mobile phones registered under their names," and "Each trading team member managed over 30 investors' mobile phones."
To avoid IP tracking and suspicion of abnormal trading, they received instructions from higher-ups via Telegram and moved near investors' homes or offices to conduct trades at agreed amounts. They also had to leave authentication photos showing the time and place.
Lim Chang-jung: "I also suffered 3 billion KRW in damages from the stock manipulation group"
Meanwhile, Lim Chang-jung claims he invested 3 billion KRW with the suspected stock manipulation group and suffered losses. He complains that although he invested in the manipulation gang, most of his investment funds have been lost.
However, suspicions have arisen that he might have been involved in the stock manipulation after it was revealed that he appeared on a broadcast channel operated by the suspected manipulation group.
Financial authorities and the police have launched a full-scale investigation into the SG Securities-triggered crash incident. The suspected manipulation group is accused of attracting funds from professionals, celebrities, and other wealthy individuals and artificially inflating the stock prices of about ten different companies through proxy investments.
Since the incident surfaced on the 24th, eight stocks?Daol Investment & Securities, Harim Holdings, Dow Data, Sebang, Samchully, Daesung Holdings, Seoul Gas, and Seonkwang?simultaneously hit their lower price limits without any particular cause, resulting in a market capitalization drop of over 8 trillion KRW within four days.
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