Special Prosecutor Seeks 1 Year and 6 Months in Prison for Deutsche Stock Manipulation Accomplice

Lee Says It Was "All the Result of My Own Wrongdoing"

Special Prosecutor Min Joong-ki's team has requested that Lee, an accomplice in the Deutsche Motors stock manipulation case involving First Lady Kim Keon-hee, be sentenced to one year and six months in prison.

At the final hearing on February 24 before the Criminal Division 34 of the Seoul Central District Court (Presiding Judge Han Sung-jin) on Lee's alleged violation of the Capital Markets Act, the special prosecutor's team sought a sentence of one year and six months in prison and a fine of 40 million won. They also requested the forfeiture of approximately 13 million won obtained through the crime.

The team additionally asked the court to reflect in sentencing the fact that Lee has a prior criminal record for a similar offense, and that he was uncooperative with the investigation, including attempting to flee and changing his mobile phone.

In his final statement, Lee said, "I had vowed never to stand here again, but here I am once more. Whatever the decision, it is all the result of my own wrongdoing."

Lee is accused of conspiring to manipulate Deutsche Motors stock together with First Lady Kim Keon-hee, former Deutsche Motors Chairman Kwon Oh-soo, and former Black Pearl Invest CEO Lee Jong-ho from October 2010 to December 2012, thereby obtaining an illicit gain of 13 million won.

In October last year, while the special prosecutor's team was conducting a search and seizure, Lee fled the scene but was arrested about a month later near a highway rest area in Chungju, North Chungcheong Province, and was indicted and detained in December of the same year.

The special prosecutor's team believes that Kim conspired with the Deutsche Motors stock manipulation ring to gain approximately 810 million won in profits between October 2010 and December 2012, and that Lee was involved in this process. However, on January 28, the first-instance court for Kim found her not guilty of violating the Capital Markets Act, ruling that there was insufficient evidence to prove a conspiracy between Kim and the stock manipulation ring.

Lee's sentencing hearing will be held on March 25.