Lee Seung-gi (37), a singer and actor, has had his father-in-law, Mr. A, who is also the husband of actress Gyeon Mi-ri, indicted on charges of stock price manipulation.
The Southern Seoul District Court's Financial and Securities Crime Joint Investigation Team (Chief Judge Ahn Chang-joo) announced on the 16th that a total of 13 people, including Mr. A and 8 others, have been indicted for violations of the Capital Markets Act.
According to the prosecution, they are accused of manipulating stock prices by deceiving investors into believing that three KOSDAQ-listed companies were pursuing new businesses using advanced technology, thereby illegally profiting approximately 14 billion won.
From November 2022 for about a year, they repeatedly placed orders to manipulate the stock price of the secondary battery material company 'Jungang Advanced Materials', raising the price from 490 won to over 5,850 won, resulting in profits of about 14 billion won.
They also inflated the stock price of the renewable energy company 'Quantapia' by issuing false investment confirmation letters claiming that investments worth 100 billion won had been secured, siphoning off an additional 6 billion won.
In this process, Mr. A was also charged with violating the Attorney-at-Law Act for receiving a retainer fee of 30 million won, promising a success fee of 1 billion won, while claiming he would resolve the trading suspension of Quantapia last February. At that time, Mr. A was already on trial for violations of the Capital Markets Act but continued his crimes in collusion with a broker from a savings bank using borrowed-name accounts. Additionally, he artificially inflated the stock price of the semiconductor manufacturing company XQure.
A prosecution official stated, "It is rare to find a case where stock price manipulation and fraudulent trading have been committed in succession by a group of market manipulators," adding, "This poses a significant threat to the order of the capital market as it encompasses all major acts prohibited by the Capital Markets Act, including market manipulation, fraudulent trading, and insider trading."
Lee Seung-gi married actress Lee Da-in, the second daughter of Gyeon Mi-ri, in April 2023 and welcomed a daughter in February of the same year.
After the Supreme Court decided to overturn the not guilty verdict regarding Mr. A's stock price manipulation charges last year, Lee Seung-gi's agency, Big Planet Made Entertainment, stated, "This matter occurred before Lee Seung-gi's marriage." They also warned that they would take stronger legal action against fake news and malicious derogatory comments about Lee Seung-gi and his family, while defending Mr. A.
However, on the 29th of last month, Lee Seung-gi changed his stance, declaring, "After much consideration, we have decided to sever ties with my in-laws."
Lee Seung-gi stated, "Although a fine was imposed in the retrial regarding the illegal activities that have been continuously raised against my father-in-law, he has now been indicted again due to similar illegal acts," adding, "I believe that appropriate punishment must be imposed for illegal activities."
[Kim So-yeon, Star Today Reporter]
