Following Representative Ra on the 9th, two close aides were also arrested
Key figures involved in collusive trading and investor recruitment
The prosecution investigating the stock price manipulation case originating from SG Securities has arrested Ra Deok-yeon, CEO of H Investment Advisory, and subsequently secured the custody of two of his close associates. All three main suspects have now been taken into custody.
The joint investigation team from the Seoul Southern District Prosecutors' Office and financial authorities announced that at around 6:15 p.m. on the 9th, they arrested Ahn, a former professional golfer and Ra's closest aide who was responsible for recruiting investors. The joint investigation team obtained an arrest warrant for Ahn on charges including market manipulation.
Earlier, the prosecution arrested Ra at his residence at approximately 10:25 a.m. on the same day. Later, at around 3:50 p.m., Byun, CEO of the investment advisory firm Hoan FG and a close associate of Ra, was also arrested. Byun is suspected of managing high-value VIP investors. Both Byun and Ahn are suspected of colluding in wash trading (buying and selling stocks among themselves) to manipulate stock prices and recruiting investors.
With this, the prosecution has secured custody of Ra and two of his close associates, who are considered key figures in the stock price manipulation allegations. The prosecution plans to review whether to request arrest warrants after conducting investigations. A prosecution official stated, "We will proceed with formal investigations after completing procedures such as meetings with defense attorneys."
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