Key Figures in the Youngpoong Paper Stock Manipulation Case Sentenced to Prison at First Trial
Youngpoong Paper stock manipulation prison sentences: a summary of the case in which the price surged 14-fold in a year Check now the verdict and forfeiture amount from the largest market manipulation trial ever
In the first trial, prison sentences were handed down to the key figures in a largescale stock manipulation case that drove Youngpoong Paper's stock price up about 14fold in a year.
On the 30th, the 12th Criminal Division of the Seoul Southern District Court sentenced the main culprit, identified as Lee, to 15 years in prison and a fine of 397.3 billion won on charges of violating the Capital Markets Act, and also ordered the confiscation of 132.427 billion won. Another defendant, identified as Kong, who provided the funds for the price manipulation, was sentenced to 3 years in prison, a fine of 243 billion won, and the confiscation of 7.47 billion won.
The court found that Lee controlled the accounts and funds and led the overall stock manipulation, while regarding Kong, it acknowledged that he provided funds and stock quantities over a long period for management purposes. The case was investigated as involving more than 440 accounts and more than 230,000 orders over about 13 months from October 2022 to October 2023, and is known as the largest stock manipulation case ever by a single stock.