Prosecutors Request Arrest Warrants for 'Cheongdam-dong Stock Millionaire' Lee Hee-jin Brothers on Cryptocurrency Fraud Charges

The prosecution investigating fraud allegations against the management of the coin issuer Pica Project has requested arrest warrants for the Lee brothers, Hee-jin (37) and Hee-moon (35), who are known as the "Cheongdam-dong stock tycoons," viewing them as accomplices.

'Cheongdam-dong Stock Rich' Lee Hee-jin Attends Appeal Trial Continuation Hearing
(Seoul=Yonhap News) Reporter Lee Ji-eun = Lee Hee-jin, known as the 'Cheongdam-dong Stock Rich,' is heading to the courtroom to attend the continuation hearing of the appeal trial held at the Seoul High Court in Seocho-gu, Seoul, on the morning of March 27, 2019. 2019.3.27
jieunlee@yna.co.kr
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On the 13th, the Seoul Southern District Prosecutors' Office Virtual Asset Crime Joint Investigation Team (Head Lee Jeong-ryeol) announced that it had requested arrest warrants the previous day for Lee and his younger brother Lee Hee-moon on charges of fraud, violation of the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust), and violation of the Act on the Concealment of Criminal Proceeds.

The Lee brothers are accused of artificially inflating the prices of three coins, including Pica Coin, through false and exaggerated promotions and market manipulation, then selling them at high prices and using or hiding the proceeds at their discretion.

An employee, Kim (34), who was in charge of overseeing the coin business at the coin issuing company operated by the Lee brothers, also had an arrest warrant requested on fraud charges.

The prosecution believes the Lee brothers are connected to Seong (44) and Song (23), co-CEOs of Pica Project who are currently on trial for charges including fraudulent unfair trading under the Capital Markets Act, fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, and breach of trust. Seong and Song are accused of artificially boosting the price of Pica Coin through market manipulation and false promotion of art piece fractional investment business performance, then selling the coins to embezzle 33.8 billion won.