How much illicit profit was allegedly made by the accused?

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Over Nine Billion Won in Illicit Profits Allegedly Reaped in Stock Manipulation Scheme

Prosecutors in South Korea have indicted eight individuals, including six business daily journalists, for allegedly manipulating stock prices and accumulating over 9 billion won (approximately RM25.3 million) in illicit gains. The accused are charged with purchasing stocks with low trading volumes or high volatility, subsequently inflating their prices through the publication of favourable news articles before selling them for profit. This scheme involved the publication of approximately 1,800 articles between October 2020 and June of the previous year, leading to substantial illegal earnings.
Group Reaped 8.55 Billion Won Through Article Publication

A collective of an accountant, an investor, and five reporters are alleged to have collectively obtained 8.55 billion won through their involvement in this scheme. Their illegal profits were generated by authoring around 1,800 articles over a period spanning from October 2020 to June last year. The reporters involved in this group reportedly received 300,000 won for each article they wrote as part of the arrangement.
Individual Reporter Profits Detailed

Within the aforementioned group of five reporters, three are reported to have personally pocketed significant sums. These individuals allegedly obtained approximately 150 million won, 160 million won, and 28 million won, respectively. These amounts represent individual profits derived from their participation in the stock price manipulation scheme through article publication.
Separate Reporter Charged with 740 Million Won Gain

In a distinct case, another reporter faces charges for allegedly amassing around 740 million won through the publication of 340 articles. This reporter's alleged illicit gains were accumulated over a period from October 2022 to July of the current year, by reportedly abusing their authority to publish news. The prosecution has stated its commitment to tracking down and confiscating all criminal proceeds related to such market-disrupting activities.

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