[Alpha Biz=(Chicago) Reporter Paul Lee] An arrest warrant has been sought for the main culprit who was caught trying to flee the country after taking hundreds of billions of won in unfair profits from the stock price manipulation of Youngpoong Paper.

The Seoul Southern District Prosecutors' Office said on the 28th that it has sought an arrest warrant for Lee, the main culprit behind the stock price manipulation of Youngpoong Paper, on charges of violating the Capital Market Act.

The prosecution believes that Lee, along with the stock price manipulation group, has made unfair profits worth 278.9 billion won by manipulating 35.97 million shares of Youngpoong Paper a total of 38,875 times since early last year.

Lee has been on the run since October last year when the prosecution's investigation began in earnest and was arrested while attempting to smuggle himself from Jeju Island to Vietnam on the 26th.

The prosecution has so far arrested and indicted a group of people who have been involved in stock price manipulation, and most of them admitted to the charges in court and claimed that they "followed the instructions of the main culprit, Lee."

 

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