It has been reported that a group, including the father-in-law of singer and actor Lee Seung-gi, has been arrested and indicted for stock price manipulation to gain unfair profits. According to legal sources on the 16th, the Seoul Southern District Prosecutors’ Office’s Financial Securities Crime Joint Investigation Team indicted a total of 13 people, including Lee Seung-gi’s father-in-law Mr. Lee, on charges of violating the Capital Market Act.
They are accused of pocketing unfair profits amounting to 14 billion won through stock price manipulation. In particular, Mr. Lee is reported to have received an earnest money of 30 million won and a success fee of 1 billion won from a former prosecutor, Mr. A, promising to resolve the issue when the Queen Tupia transaction was suspended in February last year, leading to charges of violating the Anti-Corruption Act.
The prosecution stated, “It is difficult to find precedents for a situation where market manipulation forces repeatedly committed stock price manipulation crimes.” This has brought renewed attention to a recent declaration by Lee Seung-gi to cut ties with his in-laws. At the time, Lee Seung-gi stated, “The trust between family members has been severely damaged due to this incident, and my wife and I have decided to sever ties with our in-laws after much consideration.”
He also expressed deep reflection on his hasty remarks regarding the incident involving his father-in-law last year, stating, “I believe that appropriate punishment must be imposed for any illegal acts, and I sincerely apologize to the victims who have suffered due to my premature judgment.”