The Lee Hee-jin (38) brothers, known as the 'Cheongdam-dong Stock Rich,' who were arrested and indicted on charges of a coin scam amounting to 90 billion won, have been released on bail.
The Criminal Division 12 of the Seoul Southern District Court (Chief Judge Dang Woo-jeung) accepted the bail requests filed by Lee and his younger brother Hee-moon on the 28th.
Lee Hee-jin, who is suspected of manipulating the price of Pikacoin, appeared at the Seoul Southern District Court in Yangcheon-gu, Seoul, on the afternoon of the 15th for a warrant hearing (pre-arrest suspect interrogation) on charges of fraud, breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, and violation of the Act on the Regulation of Concealment of Criminal Proceeds. [Image source=Yonhap News]
They were arrested and indicted last October on charges of embezzling a total of 89.7 billion won by issuing and listing three types of coins, including PICA, from March 2020 to September last year, and selling the coins through false and exaggerated promotions and market manipulation.
They were also additionally indicted in January and February of this year on charges of concealing criminal proceeds through illegal over-the-counter (OTC) virtual asset exchanges and submitting false documents during the listing process of PICA coin on the Upbit exchange.
In February 2020, Lee was sentenced by the Supreme Court to 3 years and 6 months in prison, a fine of 10 billion won, and a confiscation of approximately 12.26 billion won for illegal stock trading and investment solicitation charges. His younger brother was also indicted on the same charges and received a sentence of 2 years and 6 months in prison with a 4-year probation, a fine of 7 billion won, and a suspended sentence was confirmed.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
