James Patten received a 21-month prison sentence for his role in a stock manipulation scheme that inflated the market value of a New Jersey deli company, Hometown International, to $100 million. Patten, a repeat offender, was also ordered to pay $5 million in restitution.
South Korea's financial regulator chairman pledged to enhance efforts against stock manipulation and unfair trading. A joint task force, established a year ago, has detected 10 cases, including one involving journalists, and will be expanded with greater powers.
Federal prosecutors are seeking a 12-18 month prison sentence for James Patten, who pleaded guilty to securities fraud in a $100 million New Jersey deli stock manipulation case. This is significantly less than the 70-87 months suggested by sentencing guidelines, citing disparities with co-defendants' sentences and redacted information.
Financial authorities have uncovered two cases of fraudulent trading, including a stock manipulation ring involving an accountant and a current journalist, and a separate case involving a journalist. Two individuals have been arrested and sent to prosecution, along with five others facing non-detention charges.
Prosecutors requested a 5-year prison sentence for a 43-year-old venture capital CEO accused of stock manipulation, embezzlement, and obstructing justice by fabricating a non-existent person to take responsibility. The court will deliver the verdict on July 14.
Defendants accused of large-scale stock manipulation have filed an appeal with the court, arguing that evidence selection during the investigation was illegal. They claim the Financial Supervisory Service (FSS), lacking compulsory investigation powers, was involved in evidence screening, which they deem a violation of the Capital Markets Act. This case, the first under the 'Stock Manipulation Ruin' initiative, highlights potential issues with the Financial Services Commission's (FSC) investigative resources and the FSS's authority, prompting discussions on granting the FSS compulsory investigation powers.
The Supreme Court has assigned Kim Keon-hee's stock manipulation and bribery case to a panel for review. This comes after her husband, former President Yoon Suk-yeol, also faces a Supreme Court review for obstruction of justice.
Former and current CEOs of RFsemi, a semiconductor device manufacturer, are facing arrest for alleged stock manipulation through false disclosures. Prosecutors suspect they inflated stock prices by announcing a false entry into the secondary battery business with Chinese capital.
SEOUL, May 8 (Yonhap) -- The prosecution on Friday announced a major crackdown o...
A South Korean appeal court has increased former first lady Kim Keon-hee's corruption sentence from 20 months to four years in prison after finding her guilty of stock manipulation and bribery. The Seoul High Court also imposed a 50 million won (US$34,000) fine in a verdict televised live.
