On Condition of Posting a 100 Million Won Bail and Other Restrictions
An investor who was arrested and indicted for manipulating the stock prices of renewable energy company Quantapia and secondary battery material company Joongang D&M (Joongang Advanced Materials) to pocket over 20 billion won has been released on bail.
On the 28th, the Criminal Division 15 of the Seoul Southern District Court (Presiding Judge Yang Hwan-seung) announced that it accepted the bail request of Mr. Lee (59) on the conditions of a 100 million won deposit, residence restrictions, and prohibition of contact with parties involved in the case.
Mr. Lee was arrested and indicted last November on charges of making illicit gains worth approximately 20.2 billion won by manipulating the stock prices of Joongang D&M from October 2022 to October 2023 through fictitious accounts, collusive trading, and high-priced purchase orders, and of Quantapia from May 2023 to last October. During the period of the crime, Joongang D&M's stock price rose from the 500 won range to the 5,800 won range, and Quantapia's stock price increased from the 800 won range to the 4,800 won range.
Previously, the defense attorney argued that sufficient testimonies from related parties had been secured, leaving no possibility of evidence destruction, and that Mr. Lee's deteriorating health made it difficult for him to endure imprisonment, thus requesting bail from the court. Mr. Lee denied the charges at the first trial held on February 18.
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