The father-in-law of singer and actor Lee Seung-gi has been sentenced to prison in the first trial and taken into legal custody for manipulating stock prices of Kosdaq-listed companies to rake in illicit profits.
On the 29th, the 15th Criminal Division of the Seoul Southern District Court (Presiding Judge Roh Youkyung) sentenced Lee, a 59-year-old on trial for violating the Capital Markets Act, to three and a half years in prison and a fine of 400 million won during the sentencing hearing for 13 defendants including him. The court also ordered the forfeiture of approximately 125.5 million won. Lee, who had been standing trial while out on bail, was taken into custody immediately following the prison sentence.
The court pointed out, "The market manipulation crimes the defendants participated in undermine the capital market by distorting the healthy price-forming function of the market, making their culpability very grave. It is a typical crime that inflicts damage on numerous innocent investors and dampens investment enthusiasm." The court added, "Despite having a prior criminal record for similar offenses, he participated in the crime again, making him highly blameworthy," explaining the reasoning behind the sentencing.
Lee, the father-in-law of Lee Seung-gi, was previously indicted for pocketing billions of won in illicit profits by inflating stock prices through false disclosures of favorable news—such as investment from Hong Kong-based capital—during a paid-in capital increase by a company called Corebit in 2016. He was sentenced to four years in prison and a 2.5 billion won fine in the first trial in 2018. Although he was acquitted in the appellate court the following year, the Supreme Court remanded the case in June of last year with instructions for a guilty verdict.
Lee Seung-gi, who married actor Lee Da-in in 2023, stated in April of last year that he would cut ties with his wife's family upon learning that his father-in-law had been indicted again for illegal acts ahead of his retrial following the Supreme Court remand. Through his agency, Big Planet Made, he stated at the time, "Trust among family members has been damaged to a level that is difficult to restore, and after long consideration, my wife and I have decided to sever relations with her family. I deeply reflect on my careless remarks made last year without fully reviewing the issues related to my father-in-law. I believe that appropriate punishment must surely be served for illegal acts."
(Photo: Reporter Baek Seung-철)
(SBS Star News, reported by Kang Kyung-yoon)
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