Prosecution indicts key figure in ex-first lady's stock rigging case

A key figure in a stock price manipulation case allegedly involving former first lady Kim Keon Hee is transferred to the team of special counsel Min Joong-ki for questioning on his alleged role in the case after being arrested in Chungju, North Chungcheong Province, in this Nov. 20 file photo. Yonhap

A special counsel team on Monday indicted a key figure in a stock price manipulation case involving former first lady Kim Keon Hee on charges of pocketing illegal profits.

The suspect, identified only by his surname Lee, had been detained on charges of making unfair gains of approximately 13 million won ($8,861) in a scheme to rig the stock price of Deutsche Motors, a BMW dealer in South Korea.

The team lead by special counsel Min Joong-ki found that Lee had been involved in an attempt to rig stock prices from October 2010 to December 2012, by buying and selling 15,000 shares at the request of the scheme's leader, surnamed Kim.

Investigators concluded that his short-term transactions were tied to the price manipulation scheme and designated him as a participant in the former first lady's alleged stock manipulation.

They also found that Lee had discussed stock trades with the former first lady on multiple occasions through a mobile messenger app, evidence they say indicates she was aware of the scheme.

The former first lady's legal team denied the allegations, saying the trades Lee made between 2010 and 2012 were for his personal profit, not as an accomplice.