Prosecutors Arrest One More Accomplice in Yeongpung Paper Stock Manipulation Case

Allegations of Violation of the Capital Markets Act

One more accomplice involved in the 'Yeongpung Paper stock manipulation' who gained illegal profits has been additionally arrested.

Seoul Southern District Prosecutors' Office

On the 15th, the Seoul Southern District Prosecutors' Office Joint Investigation Team for Financial and Securities Crimes (Chief Prosecutor Gong Jun-hyeok) announced that Kim (69) was arrested on the 12th on charges of violating the Capital Markets Act. Kim is accused of participating in price manipulation orders to raise Yeongpung Paper's stock price and gaining illegal profits worth hundreds of billions of won.

The Yeongpung Paper stock manipulation group is accused of using over 330 securities accounts from October 2022 to October last year to prearrange buy and sell prices and conduct disguised and collusive trading, as well as placing high-priced buy orders to drive up the stock price, obtaining illegal profits totaling approximately 661.6 billion won.

So far, a total of 23 people, including the ringleader Lee, have been indicted in connection with the Yeongpung Paper stock manipulation case. Nineteen are in custody, while four are out on bail and undergoing first trial proceedings.

A prosecution official stated, "We will do our best to ensure that financial and securities criminals who disrupt market order pay the price, and that no proceeds from crime can be kept, sending a clear message."