n a shocking turn of events,
Mr. Kim Mo, a popular YouTuber known as 'Super Ant,'
has been implicated in a scandal involving illegal stock manipulation.
With over 550,000 subscribers, Mr. Kim held significant influence over his viewers,
many of whom trusted his recommendations regarding stock investments.
However, it has come to light that Mr. Kim
had been secretly holding shares of the recommended stock himself,
while urging his followers to purchase them.
During his broadcasts in June 2021,
Mr. Kim repeatedly advised his viewers to buy A stocks,
assuring them that the price would rise above 40,000 won
and potentially reach as high as 60,000 or 70,000 won.
Unbeknownst to his audience,
Mr. Kim had already accumulated a significant number of A shares for himself.
He manipulated the stock price by encouraging others to buy,
only to sell his own shares at a specific advantageous moment,
thereby making an unfair profit through what is known as "advance trading."
To conceal his actions, Mr. Kim employed a CFD (Contract for Difference),
an over-the-counter derivative contract used in trading at foreign securities companies.
He also attempted to divert attention from his selling activities by
claiming annoyance at foreigners selling the shares.
This misleading tactic served to deflect suspicion and protect his self-interest.
The total amount of Mr. Kim's illegal profits is estimated to be approximately 5.8 billion won.
The Seoul Southern District Prosecutor's Office,
specifically the Financial Investigation Division 1 led by Chief Prosecutor Chae Hee-man,
conducted a thorough investigation into four cases involving fraudulent transactions similar to Mr. Kim's.
On the 22nd, Prosecutor Chae held a press conference at the government building,
disclosing the outcomes of the investigation. As a result, two individuals,
including Mr. Kim, were arrested and indicted for violating the Capital Markets Act,
while four others, including Mr. Kim, faced indictment without detention.
The fraudulent activities uncovered by the prosecutors primarily revolved
around deceptive pre-sales tactics to generate unjust profits.
Yang and his two accomplices operated multiple free stock reading rooms on KakaoTalk
from March to October of the previous year.
They recommended 28 stocks in these rooms, all of which they already owned.
When a significant number of people followed their recommendations and drove up the stock prices,
Yang and his accomplices took advantage by selling their shares,
resulting in a profit of 364 million won. Notably, Yang also appeared on economic-related broadcasts,
boasting the highest rate of return in a stock investment program hosted by a domestic securities company.
Another individual, surnamed Kim, operated a paid reading room on KakaoTalk.
From December 2020 to May of the following year,
he persuaded participants to invest in the shares of Company B,
claiming that external forces were interfering with the largest shareholder's stock sale and artificially raising the stock price.
Unfortunately, approximately 300 members who trusted his words suffered losses exceeding 15 billion won collectively. The prosecution believes that Mr. Kim received 200 million won from stock manipulation forces,
which motivated him to commit this crime.
It is worth noting that both Mr. Kim and another stock broadcaster, Song Mo,
exploited their positions as YouTubers and broadcasters to facilitate their illicit activities.
Mr. Song, in particular,
recommended 63 stocks during his TV stock broadcasts from November 2020
to August of the subsequent year, all of which he had already purchased before making the recommendations. Additionally, Mr. Song is accused of collecting 13.3 billion won for stock investment, promising investors a guarantee on
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