Stock price manipulation allegedly occurred, leading to the indictment of Lee Seung-gi's father-in-law in an extraordinary case.
Title: Stock Fraud Scandal Hits Lee Seung-gi's Father-in-Law
In a shocking turn of events, Korean heartthrob Lee Seung-gi finds himself caught up in a stock manipulation scandal that has embroiled his father-in-law. Here's the lowdown on this sordid affair.
The South Seoul Prosecutors’ Office has laid out the charges[JOONGANG ILBO]. It’s a murky tale of corporate greed and deception, worth approximately 14 billion KRW (around $10.37 million) in today’s market. Lee Seung-gi's father-in-law, a businessman married to actress Kyeon Mi Ri, is one of 13 individuals under scrutiny, with eight of them currently in custody.
The allegations revolve around the artificial inflation of the stock price of a KOSDAQ-listed company called Quantapia, with the father-in-law facing additional charges for violating the Attorney-at-Law Act[NEWS1]. A retired prosecution investigator, connected to the company’s trading suspension in February of the previous year, was promised retainer fees and success fees by the accused[4][5].
These troubling allegations have prompted Lee Seung-gi and his wife, Lee Da-in, to sever all ties with her family. In an emotional statement made on April 29, 2025, the couple announced their decision to cut off contact with her side of the family[1][5]. After much soul-searching, they have deemed it necessary to arm themselves with better judgment and pay their dues to society, a reflection of the lost trust and legal troubles surrounding the scandal. The couple tied the knot in April 2023, and their first child was born in February 2024[1].
This unfortunate incident serves as a reminder of the far-reaching consequences and personal impact such financial crimes can have, not just on the individuals involved but on their families as well. Stay tuned for further updates as this complex case unfolds.
Sources
- JOONGANG ILBO
- Lee Seung-gi’s father-in-law indicted in stock price manipulation scandal
- NEWS1
- Seoul Southern District Prosecutors' Office opens probe into first lady stock manipulation case, dismisses handbag case
- The Donga Ilbo
- Yonhap News Agency
Additional Insights
- Quantapia is a Korean IT solutions company listed on the KOSDAQ stock exchange.
- The father-in-law’s alleged actions reportedly led to Quantapia's stock price rising from just over 386 won in December 2019 to a staggering 17,900 won by February 2020[5].
- The case against the father-in-law is a continuation of an investigation that was initially opened in May 2016, but was later dropped due to insufficient evidence[4].
- Other notable individuals being investigated for their involvement in the stock manipulation scheme include the former chairman of a well-known insurance company and a high-ranking official in the presidential office[5].
- The alleged stock manipulation scandal involving Lee Seung-gi's father-in-law is a significant event in the business world, demonstrating the potential for corruption and deception in the finance and banking-and-insurance industry.
- The South Korea's Prosecutors’ Office investigation has uncovered a web of connections between the accused individuals, including a retired prosecutor, a Korean IT solutions company listed on the KOSDAQ stock exchange, and a high-ranking official in the presidential office.
- This case serves as an example of how financial crimes can transcend the world of business and entertainment, affecting individuals like Lee Seung-gi and his wife, Lee Da-in, who have decided to cut off contact with her family due to the scandal.
- The entertainment industry, along with politics, has found itself entangled in the stock manipulation scandal, further underscoring the need for increased oversight and accountability within the corporate world, finance, and the KOSDAQ-listed industry.
