Captured from Chang Jung Im's Instagram
Korean singers Im Chang-jung and Park Hye-kyoung have come forward claiming to be victims of a stock manipulation scheme that caused several small cap stocks to plummet to their daily limit for almost a week. Im told local news outlet JTBC that his bank account dropped from 2 billion won ($1.49 million) to 189 million won in just two days.
Eight stocks listed on the Korean stock market, including Daesung Holdings, Seoul Gas, and Sebang, saw sharp declines through SG Securities Korea since April 24th. The alleged fraud was reportedly carried out by a group of individuals who have been banned from leaving the country by the Financial Services Commission.
Im denied any involvement in the scheme and asserted that he was unaware of the situation until it was reported by news outlets. He also claimed to have suffered losses after investing in the stocks himself. However, JTBC reported that Im loaned money to the individuals responsible for the stock volatility. He sold them a portion of his stake in the K-pop agency Yesiam Entertainment for 5 billion won and gave them 3 billion won back to reinvest in whatever they wanted.
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| ▲ Captured from Instagram by heykyoung park |
Park, on the other hand, claims that she was not encouraged by Im to invest but was also a victim of the stock fraud. She signed an exclusive contract with a company recommended by an acquaintance and was required to leave a deposit of 100 million won. After signing the contract, she noticed that her money was growing and sent a portion of it to the company, totaling 40 million won.
The Financial Services Commission has raided the office of the alleged fraudsters and banned 10 suspects from traveling. The singers' allegations highlight the ongoing issue of stock manipulation in South Korea's market, which has seen several high-profile cases in recent years.
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BlueYIM, yimyoungseo1010@naver.com
