Supreme court reverses the not guilty verdict in Lee Seung Gi's father-in-law's market manipulation case
Korean Supreme Court has overturned the not guilty verdict in Lee Seung Gi’s father-in-law’s stock price manipulation case.
According to legal industry on June 16th, the Korean Supreme Court reversed and remanded Lee Seung Gi’s father-in-law’s case. Previously, Lee Seung Gi’s father-in-law and his 3 accomplices were indicted for alleged stock price manipulation under the Capital Markets Act. Allegedly, they profited about 2.3 billion KRW by artificially inflating their public company’s stocks from November 2014 to February 2016.
They were sentenced to not guilty in the appellate court after appealing, however, the Supreme Court reversed and remanded the case back to the appellate court.
The Court commented, “Appellate court erroneously held that the defendants were not guilty of breaking the Capital Markets Act without considering the totality of circumstances of how they acquired the funds. The falsely recorded stocks roughly amount to 1.56% of total stocks. This is over the filing threshold of 1%.”
Stay tuned for updates.
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