160 Billion Won Lost to Stock Spam... 3 People Including Leading Room Team Leader Sent to Prosecution

Special Investigation Unit Transfers 3 People to Seoul Southern District Prosecutors' Office on 7th
Damage Worth Approximately 160 Billion KRW in Market Capitalization
Victimized Company Undergoing Delisting Procedures

[Image source=Yonhap News]

An employee of a leading room company who sent a massive amount of stock spam text messages causing damage worth approximately 160 billion KRW was sent to the prosecution on the 7th.

The Capital Market Special Judicial Police (Special Judicial Police) of the Financial Supervisory Service announced that on the same day, they sent two accomplices, including P, the operations team leader of the leading room company who was responsible for mass distribution of false spam text messages about KOSDAQ-listed company A, to the Seoul Southern District Prosecutors' Office under arrest.

According to the Special Judicial Police investigation, three suspects including P conspired under the leadership of the leading room company’s CEO to artificially boost the stock prices of KOSDAQ-listed company A and another KOSDAQ-listed company B. They illegally obtained and used personal information to distribute 30.4 million messages containing false and favorable rumors, gaining unfair profits worth approximately 1.8 billion KRW.

The stock of company A is currently undergoing delisting procedures following a refusal of opinion in its audit report, shortly after a large influx of buying orders triggered by these stock spam messages.

The Financial Supervisory Service Special Judicial Police stated, "A large-scale damage worth approximately 160 billion KRW in market capitalization has occurred."