[La Deok-yeon Gate] Prosecutors Raid Kiwoom Securities Over 'SG Securities-Induced Plunge' Incident

Prosecutors investigating the 'SG Securities-triggered crash' are conducting a search and seizure at Kiwoom Securities on the morning of the 24th.

[Image source=Yonhap News]

The Seoul Southern District Prosecutors' Office announced that they are carrying out a search and seizure at the Kiwoom Securities headquarters office this morning. The Financial Securities Crime Joint Investigation Team (Head Dan Seong-han) of the Seoul Southern District Prosecutors' Office, together with the Financial Services Commission and the Financial Supervisory Service, has formed a joint investigation team to investigate the 'SG Securities-triggered crash.'

It is reported that prosecutors are securing materials related to Contracts for Difference (CFD) at the Kiwoom Securities headquarters office. CFDs are derivatives used as a means of market manipulation by the stock price manipulation group led by CEO Ra Deok-yeon and Hoan (42). Even without holding stocks, leverage of up to 10 times can be used with a margin of 40%.

※ This SG Securities-triggered stock price crash has sounded an alarm for the order of the capital market. Readers' tips will be a great help in uncovering the truth. We welcome any tips regarding investment damage cases, suspicions of stock price manipulation and asset concealment by Ra Deok-yeon’s group, details related to the large-scale sales by major shareholders of Dow Data and Seoul Gas, or any other information (jebo1@asiae.co.kr). Asia Economy will do its best to establish a transparent capital market order.