'Stock Price Manipulation by SG Securities' Bank Team Leader and Securities Company Department Head Released on Bail

A bank team leader and a securities company deputy manager, who were detained and on trial for involvement in the Soci?t? G?n?rale (SG) securities-related stock manipulation scandal, have been released.

According to the legal community on the 15th, the Seoul Southern District Court Criminal Division 11 (Chief Judge Jeong Doseong) approved the bail requests of Kim (51) and Han (54), who were detained and indicted on charges including violation of the Capital Markets Act, violation of the Specific Economic Crimes Act (bribery), and violation of the Act on the Regulation and Punishment of Criminal Proceeds Concealment. Kim submitted his bail application on the 29th of last month, and Han submitted his the day before to the court.

According to the prosecution, Kim is accused of participating in the stock manipulation scheme by attracting bank customers as investors and receiving bribes worth approximately 250 million won in return. Han is accused of facilitating the lending of securities accounts under customers' names and handling 16.8 billion won of customer funds to the group led by Ra Deok-yeon, receiving bribes of about 295 million won.

Ra Deok-yeon and others are charged with operating an unregistered quasi-investment advisory firm from February 2019 to April last year, manipulating the prices of eight stocks through methods such as wash trading, and earning unfair profits of 730.5 billion won (violation of the Capital Markets Act). They are also accused of hiding criminal proceeds of approximately 194.4 billion won, obtained as commissions, through nominee accounts, corporations, and restaurant sales (violation of the Act on the Regulation and Punishment of Criminal Proceeds Concealment).