Prominent Internet Celebrity's Husband Referred for Arrest on Suspicion of Manipulating KOSDAQ Stock Price

Prosecutors have issued an arrest warrant for individual A for colluding with securities company employees to manipulate the stock prices of Kosdaq-listed companies. During this process, market manipulation led to investor distrust.

The Financial Securities Crime Joint Investigation Unit of the Southern Seoul District Prosecutors’ Office has charged A with violating the Capital Markets Act and applied for an arrest warrant. A is reportedly the husband of a well-known online influencer and is known for his substantial financial resources. It is also reported that he collaborated with B, a former securities company executive, and entrepreneur C to manipulate stock prices.

They engaged in “conspiratorial trading” by coordinating buy and sell prices in advance, disrupting the market. During this process, they were found to have used client accounts or alias accounts of securities firms. B and C have been detained through court-issued arrest warrants after substantive review, due to concerns about fleeing or destroying evidence, and are currently under investigation.

A is expected to undergo a substantive review of the arrest warrant later this week, and the court will make a decision. This incident has raised awareness of financial securities crimes, prompting authorities to take active measures to restore investor trust.

Such financial crimes can undermine the integrity of the capital market and lead to a loss of investor confidence. It is anticipated that financial authorities will implement thorough supervision and preventative measures in the future.