Caught by the Media Trading Stocks with Another Person's Account in the Main Chamber
On August 5, Democratic Party leader Jung Cheongrae ordered an urgent investigation by the party's Ethics Inspection Team into allegations of stock trading under a borrowed name involving Democratic Party lawmaker Lee Choonseok.
Lee Chunseok, a member of the Democratic Party of Korea and chairman of the National Assembly's Legislation and Judiciary Committee, is checking a stock account opened under another person's name during a plenary session held at the National Assembly in Yeouido, Seoul on the 4th. Photo by The Fact
The Democratic Party announced through a press release that on this day, leader Jung instructed the Ethics Inspection Team to conduct a fact-finding investigation regarding suspicions that lawmaker Lee traded stocks using an account under his aide's name.
Lee, who serves as the chairperson of the National Assembly's Legislation and Judiciary Committee, was caught by the media in the main chamber of the National Assembly using a mobile phone to trade stocks through another person's account.
Lee Chunseok, a member of the Democratic Party of Korea and chairman of the National Assembly's Legislation and Judiciary Committee, is checking a stock account opened under another person's name during a plenary session held at the National Assembly in Yeouido, Seoul, on the 4th. Photo by The Fact
It was observed that Lee was checking and partially trading stocks worth about 100 million won, including Naver, Kakao Pay, and LG CNS, through an account under his aide’s name, not his own. According to the Public Officials’ Ethics System, there are no securities listed in the asset disclosures made public by Lee.
Lee Chunseok, Chairman of the National Assembly Legislation and Judiciary Committee, is speaking at the 1st plenary session of the 426th National Assembly (extraordinary session) held at the National Assembly on July 1, 2025. Photo by Kim Hyunmin
Because stock trading under a borrowed name may constitute a serious violation of the Real Name Financial Transactions Act and the Public Officials’ Ethics Act, leader Jung appears to have ordered an urgent investigation. On the other hand, Lee’s side claims that he mistakenly took his aide’s mobile phone into the main chamber.
Joo Jinwoo, a member of the People Power Party's Legislation and Judiciary Committee and a candidate for party leader, announced that he would file a criminal complaint against Lee for allegedly violating the Real Name Financial Transactions Act and the Public Officials’ Ethics Act. He criticized, "Stock trading under a borrowed name is a serious crime that violates the Real Name Financial Transactions Act and exploits retail investors," and added, "Deliberately omitting borrowed-name stocks from asset registration is an issue serious enough to warrant losing one’s qualification as a National Assembly member."
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