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H Corporation CEO, Radeokyeon, Attends Pre-Trial Hearing |
[Alpha Biz= Paul Lee] Radeokyeon (44), the former representative of an investment consulting firm, was sentenced to 25 years in prison for his role in the stock crash linked to Societe Generale Securities. This follows a legal process that lasted about 1 year and 9 months.
The Seoul Southern District Court’s Criminal Division 11 (Judge Jeong Do-seong) held a sentencing hearing on the 13th, during which they handed down the sentence for Radeokyeon and 14 other individuals, who were all charged with violations of the Capital Market Act and other related offenses.
The court sentenced Radeokyeon to 25 years in prison and ordered him to pay a fine of 146.5 billion Korean won (approximately 130 million USD) and a confiscation of 1.94 trillion Korean won (approximately 1.7 billion USD).
The court described the actions as "a highly organized and intelligent large-scale stock manipulation" that caused "irreparable damage to numerous innocent investors." It emphasized that the defendants repeatedly engaged in coordinated trading and large purchases, ensuring a prolonged stock price rise to avoid scrutiny from the Financial Supervisory Service.
Radeokyeon was also criticized for concealing stock transactions by using leverage, moving trades, and making false trades through multiple phones and securities accounts, all orchestrated by him to appear like independent transactions.
The court stated that Radeokyeon’s denial of the manipulation, blaming external forces for the crash, demonstrated a lack of remorse, and emphasized the need for severe punishment to ensure the integrity of the capital market and prevent the recurrence of stock manipulation crimes.
Other individuals involved in the case were also found guilty. Notably, individuals who provided proxy accounts for investors and concealed transactions for commission fees received sentences, including a 6-year sentence and a fine of 26 million USD for one defendant, and a 3.5-year sentence with a 5 million USD fine for another.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
