Accomplice in 'Deutsche Stock Manipulation' Has Suspended Prison Sentence and Fine Upheld by Supreme Court

Violation of the Capital Markets Act
Indicted and Detained by Independent Prosecutor Min Jungki’s Team
Suspended Prison Sentence Finalized for Lee

On July 9, 2026, steel fences were installed in front of the Supreme Court in Seocho-gu, Seoul, ahead of the Supreme Court ruling on former President Yoon Seok-youl's 'obstruction of arrest' case. Photo by Jinhyung Kang

Lee, who was indicted and detained as an accomplice in the Deutsche Motors stock manipulation case, has had his suspended prison sentence confirmed.

The Supreme Court’s Third Division (Presiding Justice Oh Seokjun) on August 13 upheld the lower court's ruling, sentencing Lee to 10 months in prison, suspended for 2 years, and a fine of 40 million won, for violating the Capital Markets Act.

Lee was indicted and detained by the special prosecutor's team led by Kim Joongki in December of last year, on charges of conspiring with former Deutsche Motors Chairman Kwon Ohsu and former Black Pearl Invest CEO Lee Jongho to manipulate Deutsche Motors stock prices and gain illicit profits of 13 million won from October 2010 to December 2012. The special prosecutor’s team also determined that First Lady Kim Keonhee colluded with the stock manipulation group to earn an illicit profit of 810 million won during the same period and that Lee was involved in this process.

Lee has also been identified as the person who introduced ‘Jeon Seong-bae,’ known as Geonjin Bopsa, to the First Lady. In October of last year, while the special prosecutor’s team was conducting a search and seizure, Lee fled the scene but was apprehended in Chungju, North Chungcheong Province about a month later and indicted in detention that December.

The first trial found Lee guilty of conspiring with former Chairman Kwon and others in the “second round” of Deutsche Motors stock manipulation, sentencing him to 10 months in prison, suspended for 2 years, and a 40 million won fine. The second trial ruled similarly. The appeals court stated, “The defendant actively participated in the second stock manipulation offense, including placing orders that manipulated market prices using accounts under other people’s names, and played a significant role, as evidenced by 68 instances of price-manipulative orders.”

Although Lee appealed the ruling, the Supreme Court dismissed the appeal, stating, “There is no error in the lower court’s judgment that would contravene the rules of logic and experience, nor any misunderstanding in the application of the law on the formation of joint principal offenders, scope of liability after withdrawal from collusion, or suspension of the statute of limitations.”

Meanwhile, First Lady Kim, who was separately indicted on charges related to the Deutsche Motors stock manipulation, was acquitted in the first trial due to the expiration of the statute of limitations or lack of evidence of collusion. However, the second trial partially found her guilty of participating in market manipulation, overturning the initial verdict.

In addition, as some of the charges related to her receipt of funds from the Unification Church were also found guilty, she was sentenced to four years in prison—heavier than the initial sentence of one year and eight months. The Supreme Court’s ruling on Kim’s case was scheduled for July 16 but was postponed to July 24, and then indefinitely delayed on the eve of the verdict as the case was referred to the Grand Bench.

This content was produced with the assistance of AI translation services.