Yang Jeong-won's husband denies stock manipulation and providing entertainment to police; insists "no quid pro quo" [Star Issue]

*This content was translated by AI.

Lee Mo-mo, the husband of Pilates instructor and influencer Yang Jeong-won, denied allegations of stock manipulation and providing entertainment to police.

The Seoul Southern District Court Criminal Collegiate Division No. 14 held the first trial on the 6th for Lee and five others on charges including violations of the Capital Markets Act, the Financial Transaction Reports Act, and bribery.

According to the Prosecution Service, Lee is suspected of conspiring with market manipulation groups to artificially inflate the stock price of Duoback, a KOSDAQ-listed company, from December 2024 to April 2025. The Prosecution Service stated that Lee repeatedly conducted 265 collusive transactions and 1,339 high-price purchase orders using numerous proxy securities accounts, trading 8.44 million shares worth 28.9 billion won, generating illicit profits of at least 1.4 billion won.

Additionally, Lee faces charges of bribery for providing entertainment twice at a nightlife establishment to police officers under the Seoul Gangnam Police Station, allegedly to cover up Yang Jeong-won's criminal case.

In response, Lee's attorney argued, "While we acknowledge that Lee did meet with Gangnam Police Station officers over drinks, the meeting occurred after the outcome of Yang Jeong-won's case was already determined, so there was no quid pro quo." The attorney further contended that the investigative procedure applying separate bribery charges based on seizure and search materials is problematic.

The attorney continued, "Lee had neither heard nor been aware of any explanations regarding stock manipulation, making the indictment claim that he played a leading role factually incorrect." He added, "Although Lee knew that accounts under others' names were used during normal stock acquisition processes, he had no awareness or intent that they would be utilized for market manipulation purposes."

Previously, Yang Jeong-won was sued by franchise owners in July 2024 on charges of fraud and violation of the Franchise Business Act while working as an advertising model for a Pilates academy. She later received a decision from police not to transfer the case in December 2024. However, during the investigation, suspicions arose that her husband attempted to cover up his wife's case by leveraging his personal relationship with National Police Agency Superintendent A, who was handling the matter, and approached Gangnam Police Station Investigation Team Captain B.

Meanwhile, on April 29, 2025, Yang Jeong-won appeared at the Seoul Gangnam Police Station and stated, "I hope the truth is clearly revealed."

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*This content was translated by AI.