Prosecutors Add Ra Deok-yeon to 'SG Incident' Case... Charged with Issuing False Tax Invoices

La Deok-yeon and his associates, key figures in the Soci?t? G?n?rale (SG) Securities stock crash incident, were additionally indicted on the 1st.

The Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Ha Dong-woo) announced that La and corporate representative A were non-custodially indicted on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (issuance of false tax invoices, etc.).

According to the prosecution, La and A are accused of receiving "50% of investment profits" as fees from investors during the period from April 2020 to July last year in the course of crimes such as unregistered discretionary investment business and stock price manipulation, and issuing approximately 640 false tax invoices worth about 10.4 billion KRW to disguise these as legitimate transaction payments.

Previously, La and other stock manipulation group members were arrested and indicted for violations of the Capital Markets Act and the Act on Concealment of Criminal Proceeds in connection with the stock price crash incident that occurred in April last year, and are currently undergoing first trial. Three individuals including La were additionally non-custodially indicted in November last year for violations of the Act on the Aggravated Punishment of Specific Economic Crimes (tax-related). Furthermore, 41 executives and members of the stock manipulation group were non-custodially indicted last month for violations of the Capital Markets Act and the Act on Concealment of Criminal Proceeds. In total, 56 people including La have been brought to trial in relation to the SG incident.