6 journalists, 2 others indicted over alleged stock price manipulation
A prosecutor briefs the press on the indictment of six reporters and two others on charges of stock price manipulation at the Seoul Southern District Prosecutors Office in the capital, Wednesday. Yonhap
Prosecutors said Wednesday they have indicted eight people, including six business daily journalists, for allegedly manipulating stock prices and pocketing over 9 billion won ($6.19 million) in illicit gains.
The suspects face charges of purchasing low-volume or highly volatile stocks in advance before inflating their prices by publishing favorable news articles and then selling them off, the Seoul Southern District Prosecutors Office said.
Of the suspects, an accountant, an investor and five reporters allegedly reaped 8.55 billion won in illegal profits by writing around 1,800 articles between October 2020 and June last year. The reporters joined the scheme on the condition of receiving 300,000 won per article, with three of them pocketing a total of approximately 150 million won, 160 million won and 28 million won, respectively.
Separately, another reporter was charged with making around 740 million won through 340 articles between October 2022 and July 2024 by abusing his authority to send articles.
"We will respond sternly to acts that disrupt the stock market," the prosecution said, promising to track down and confiscate all criminal proceeds.