A former securities firm employee and a businessperson accused of taking part in stock price manipulation of a KOSDAQ-listed company have been indicted and will stand trial in custody.
According to legal sources on the 24th, the Financial and Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutors Office on the previous day indicted former Daishin Securities employee A and businessperson B under detention on charges of violating the Financial Investment Services and Capital Markets Act.
A worked as a Director General at a Daishin Securities branch in Gyeonggi Province. Around early last year, A is accused of conspiring with B and C, a wealthy figure known as the husband of a famous influencer, among other price-rigging forces, to participate in stock price manipulation.
They allegedly carried out matched orders by pre-setting bid and ask prices to buy and sell shares, and in the process mobilized securities firm client accounts or borrowed-name accounts.
A and B underwent a warrant hearing at the court on the 5th and were detained after a warrant was issued on the grounds of a risk of evidence destruction and flight. However, Cs arrest warrant was dismissed on the 19th.
Prosecutors plan to continue investigating C even after indicting the two detained individuals.