A person surnamed Ra, who is undergoing a second trial for manipulating the stock prices of eight listed companies, is reported to have recently applied for bail at the court on the 14th. Previously, Mr. Ra was sentenced to 25 years in prison and fined approximately 146.5 billion won in the first trial.
On the 9th, Mr. Ra applied for bail to the Seoul High Court's Criminal Division 3, presided over by Director General Lee Seung-han. The bail hearing is scheduled for 2 p.m. on the 15th.
Mr. Ra was arrested and indicted in May 2023 for allegedly operating an unregistered investment advisory firm since 2019 and manipulating the stock prices of eight listed companies to gain illicit profits worth approximately 737.7 billion won. He was additionally indicted in November 2023 for evading 71.8 billion won in income tax and value-added taxes, and in April of last year, he was charged with issuing false tax invoices worth 10.4 billion won. The prosecution has indicted a total of 56 people, including Mr. Ra, in connection with this case.
Mr. Ra was released on bail in May of last year while the first trial was ongoing. However, in February, the first trial court sentenced Mr. Ra to 25 years in prison, a fine of 146.51 billion won, and a surcharge of 194.49 billion won. The first trial court stated, 'This case is the largest crime ever committed in the domestic stock market and constitutes organized, intelligent, premeditated, and long-term criminal activity,' adding that 'a momentary stock price crash seriously undermines trust in the capital market and stock market, causing significant harm to many innocent investors, resulting in a very serious crime with high potential for criticism.'
Both Mr. Ra and the prosecution appealed the first trial's decision. The appeal trial has been ongoing at the Seoul High Court since April.