Prosecutors sought eight years in prison for former chairman Kwon Oh-soo, who was handed over to trial for manipulating the stock price of Deutsche Motors.
Prosecutors requested the court to "sentence the defendant Oh-su Kwon to 8 years in prison and a fine of 15 billion won, and to collect 8.13 billion won" I did.
It is the first time that a prosecution has been issued in connection with the Deutsche Motors stock price manipulation case.
Prosecutors pointed out, "The crime in this case is an act that disturbs the stock market and hinders fair competition. The matter itself is very serious.
"Such price manipulation disrupts sound trading order in the stock market and inflicts damage on a large number of unspecified investors participating in stock trading. Although the crime is of a bad nature, the defendant denies the crime, so severe punishment is inevitable," he emphasized.
Former chairman Kwon is accused of raising the stock price of Deutsche Motors through abnormal transactions by mobilizing 157 accounts in the names of 91 people in a conspiracy with 'stock manipulators', 'boutique' investment advisors, and former and current securities company executives and staff for three years from December 2009. arrested and indicted.
According to the prosecution, former chairman Kwon commissioned Mr. Lee, a 'stock price manipulator', to plan stock price manipulation after Deutsche Motors' stock price continued to decline after Deutsche Motors' backdoor listing at the end of 2008 and he received requests for stock price support from investors.
Afterwards, Mr. Lee asked Mr. Kim, an executive of a securities company, to supply and demand stocks, and Mr. Kim obtained around 2,000 won through the 'straight sale' method, in which a colleague at a securities company and an operator of a 'boutique' investment advisory company negotiated the price and volume in advance. The stock price, which was in the second half, was raised to 8,000 won.
At the trial, former Chairman Kwon denied the allegation, saying that he had never profited from market price manipulation and had no reason to manipulate stock prices as a person with management rights.
Regarding this case, there was also suspicion that First Lady Kim Gun-hee played the role of a so-called 'prelude' to finance stock manipulation, and former chairman Kwon insisted at the trial that he had never managed Mrs. Kim's account or traded stocks on her behalf. .
(Photo = Yonhap News)