[Breaking News] Lee Seung-gi's father-in-law, sentenced to three years and six months in prison for stock manipulation, taken into custody in court: "The guilt is heavy"

*This content was translated by AI.

Lee Seung-gi's father-in-law, who is also the father of actress Lee Da-in, identified as Mr. Lee, was sentenced to a prison term in the first instance on charges of stock manipulation and taken into custody in court.

The 15th Criminal Division of the Seoul Southern District Court held the sentencing hearing on the 29th for Mr. Lee and 13 others who were prosecuted on charges including violations of the Capital Markets Act, and sentenced Mr. Lee to three years and six months in prison, a fine of 400 million won, and a forfeiture amount of approximately 125.5 million won.

Mr. Lee had previously been indicted while in custody, was released on bail in 2025, and had been undergoing trial without being detained. He was taken into custody again in court following the sentencing to a prison term on this day.

Mr. Lee and others were prosecuted on charges of inflating stock prices by promoting favorable information, such as making it appear that KOSDAQ-listed companies were launching new businesses utilizing advanced technology, thereby securing hundreds of billions of won in illicit gains.

According to the Prosecution Service, they were suspected of placing market manipulation orders for the secondary battery materials company Jungang Advanced Materials from November 2022 for approximately one year, driving the stock price up from 490 won per share to 5,850 won. It was also investigated that they inflated the stock price and secured profits in relation to the renewable energy company Quantapia by disclosing false investment commitment letters stating that "an investment of approximately 100 billion won has been confirmed."

The court stated regarding their market manipulation crimes, "This is an act that harms the capital markets by distorting the healthy price formation function of the market, and the guilt is very heavy," pointing out that it is a "typical crime that causes damage to many honest investors and undermines investment enthusiasm."

However, the court ruled not guilty on the charge of violation of the Attorney Act that had also been applied to Mr. Lee. Mr. Lee was suspected of receiving an upfront fee of 30 million won from former Prosecution Service investigator Mr. Lee in exchange for resolving the trading suspension issue, and promising a success fee of 1 billion won, after Quantapia's trading was suspended in February 2024.

While acknowledging that Mr. Lee received the money, the court stated, "It is highly likely to be seen as an act intended to pass it on to another defendant rather than a bribe acquired in exchange for a request," and sentenced him not guilty.

Previously, after news of his father-in-law's additional indictment was revealed, Lee Seung-gi conveyed, "Recently, due to similar illegal acts, he has reached the situation of being indicted again by law enforcement authorities. Through this incident, trust between family members has been damaged to a level that is difficult to recover." He added, "After much deliberation, our couple intends to sever ties with my wife's family."

Meanwhile, Lee Seung-gi married actress Lee Da-in in 2023 and welcomed his first daughter within 10 months. In July last year, he held his second son in his arms three years after their marriage.

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*This content was translated by AI.