The Seoul Western District Prosecutors' Office has put two people, including the head of an unauthorized investment company and the head of its headquarters, on trial without detention on charges of selling unlisted stocks at inflated prices as if they were about to be listed.
They are accused of stealing 8.9 billion won from 761 people by selling unlisted stocks with no plans to go public for a year from May 2021 at a price up to 100 times inflated from the previous purchase price.
The group recruited investors by running a stock-leading room, which was found to have deceived investors by posting false reports that the consulting returns of unlisted companies amounted to up to 481%.
The prosecution also applied the crime of organizing criminal organizations, believing that they systematically deceived investors to steal money under the direction of the CEO.
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