Joo Jinwoo: "Will File Criminal Complaint Against Lee Choonseok for Borrowed-Name Stock Trading"

"Stock Trading Under Borrowed Names Is a Serious Crime That Exploits Individual Investors"

On August 5, Representative Joo Jinwoo, who is running for the leadership of the People Power Party, announced that he would file a criminal complaint against Lee Choonseok, Chairman of the National Assembly Legislation and Judiciary Committee from the Democratic Party of Korea, over allegations of 'stock trading under a borrowed name'.

On the 1st, at the National Assembly in Yeouido, Seoul, the Legislation and Judiciary Committee plenary session held to review and decide on the three broadcasting laws, the Yellow Envelope Act, and the Commercial Act was adjourned, and Chairman Lee Chunseok is leaving his seat. Photo by Yonhap News

On the afternoon of the same day, Representative Joo stated on his social networking service (SNS) Facebook, "Today, I plan to file a criminal complaint against Democratic Party Legislation and Judiciary Committee Chairman Lee Choonseok for violating the Real Name Financial Transactions Act and the Public Officials' Ethics Act."

Previously, on August 4, Lee Choonseok was spotted by The Fact in the main hall of the National Assembly, using his mobile phone to check stock trading records under another person's name. The owner of the stock account in question is reportedly Lee Choonseok's aide.

Representative Joo pointed out, "Since he directly traded stocks under a borrowed name, there should be no excuse," adding, "Stock trading under a borrowed name is a serious crime that violates the Real Name Financial Transactions Act and exploits individual investors."

He continued, "Intentionally omitting borrowed-name stocks from property registration is also a serious matter that warrants disqualification as a member of the National Assembly," and added, "We will respond promptly and strictly to such real crimes."