'Market Manipulation Suspicion' Quantapia Investor Arrested

An investor in the renewable energy company Quantapia was arrested on charges of manipulating stock prices to inflate the market value.

On the 1st, Judge Jeong Won, who is in charge of warrant hearings at the Seoul Southern District Court, issued an arrest warrant for investor Lee, who is accused of violating the Capital Markets Act, stating there is a risk of evidence destruction and flight.

Lee is accused of leaking M&A preliminary information to boost the stock price. It is reported that the stock price, which was actually around 700 won per share last year, surged to 4,700 won.

The Financial Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Gong Junhyeok) launched a forced investigation into Quantapia headquarters and related parties on August 2nd on these charges. The prosecution arrested Lee on the 29th of last month and requested an arrest warrant the day before.