Seoul High Court, 'SG Stock Manipulation' Ra Deok-yeon Bail Granted

[Financial News] Ra Deok-yeon, a key figure in the stock price crash incident involving Societe Generale (SG) Securities, will stand trial without detention.
The Criminal Division 3 of the Seoul High Court (Presiding Judge Lee Seung-han) granted bail to Mr. Ra, who is charged with violating the Capital Markets Act, on the 16th. Bail is a system where a detained defendant is released after certain conditions, such as payment of a security deposit, are imposed.
The court accepted the bail request just one day after holding a bail hearing for Mr. Ra.
Mr. Ra's side requested the court to grant bail on the grounds that there is room for dispute over the charges and that sufficient defense rights need to be guaranteed.
On the other hand, the prosecution argued that considering the seriousness of Mr. Ra's crime and the fact that he was sentenced to 25 years in prison in the first trial, there is a high risk of 'flight risk' and 'evidence destruction'.
Mr. Ra is accused of operating an unregistered investment advisory company from January 2019 to April 2023, attracting investment funds worth billions of won, and manipulating stock prices of 8 listed companies through methods such as matched trading, thereby obtaining an unfair profit of about 730 billion won.
Mr. Ra was released on bail once during the first trial but was sentenced to 25 years in prison in February and was taken into custody in court. The first trial court also ordered Mr. Ra to pay a fine of 146.5 billion won and confiscation of 194.4 billion won.


scottchoi15@fnnews.com Choi Eun-sol Reporter