Kyun Mi Ri’s Husband Receives Sentence For Stock Manipulation
Kyun Mi Ri’s husband, hereafter known as Lee, has been convicted of stock manipulation.
On November 2, the Seoul Southern District Court sentenced a former director of KOSDAQ-listed company “A” to four years of imprisonment and 2.5 billion won (approximately $2.2 million) in fines. The former director, known as Lee, had previously been arrested and charged for violating laws regarding the stock market and financial investments.
Lee was accused of manipulating and profiting from the stock prices of company “A.” From November 2014 until February 2016, Lee artificially inflated company “A”‘s stock prices. Afterwards, he received newly issued stocks, which he sold for 2.37 billion won (approximately $2.11 million) and kept the profits.
According to the results of the prosecution’s investigation, at the time, “A” had been continuously experiencing losses and financial troubles. The company’s former CEO Kim conspired with Lee to use the increase in capital by issuing new stocks to escape financial difficulty.
Lee and Kim made it appear as though the company was financially stable and had improved by announcing that Kyun Mi Ri was investing her funds, and that there was an influx of capital from China. Another conspirator, Jeon, carried out financial investments without authorization from the proper financial authorities, recruiting investors for “A”‘s newly issued stocks from the increase in capital. Stock-broadcaster Kim shared false information and recommended the purchase of “A”s stocks.
Kim was sentenced to three years of imprisonment and 1.2 billion won (approximately $1.07 million), Jeon to two years of imprisonment and 1.2 billion won, and stock-broadcaster Kim to two years of imprisonment with three years of probation.
The court stated that although Lee’s wife Kyun Mi Ri had not participated in stock manipulation, Lee used her name to recruit investors and manipulate stock prices. It continued, “[Lee] played a crucial role as he planned and carried out half of the crimes. Not only has he hindered the fair prices of the stock market, but he has also damaged the credibility and blocked the sound growth of the stock market. Through stock manipulation, he has taken over 1.5 billion won (approximately $1.3 million) in profit. He also has two similar previous convictions, repeating the offense.” The court added that it has taken into consideration that Lee is reflecting on his actions.
Kyun Mi Ri was previously married to actor Im Young Kyu. In 1993, they filed for divorce, citing personality differences. The actress married Lee in 1988.
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