Photo courtesy of Yonhap News

 

 

[Alpha Biz= Paul Lee] A South Korean court has denied an arrest warrant for the husband of a well-known influencer accused of colluding in a stock price manipulation scheme involving a KOSDAQ-listed company.

The Seoul Southern District Court rejected the warrant on March 19 after a pre-arrest hearing, citing insufficient grounds for detention at this stage. The court noted that the suspect disputes the extent of his involvement and alleged gains, that key evidence has already been secured, and that there is no clear risk of evidence destruction or flight.

The suspect, identified only by his surname Lee, is accused of conspiring with a former Daishin Securities department head and other parties to manipulate stock prices and engage in matched trading between late 2024 and early 2025.

Prosecutors are investigating allegations that Lee was involved in the flow of funds used in the scheme, following a search and seizure of his residence. Authorities had sought the arrest warrant on March 17.

Earlier this month, the former Daishin Securities official and another individual identified as a businessperson were arrested in connection with the case.

 

 

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