Seoul: An appellate court on Tuesday sentenced the former head of an investment consulting firm to eight years in prison for his role in a massive stock manipulation scheme, reducing the term by 17 years. Ra Deok-yeon had been sentenced at the first trial to a 25-year prison term for jointly pocketing some 730 billion won (US$495 million) with two accomplices through the scheme that rocked local financial markets in 2023.

According to Yonhap News Agency, the Seoul High Court overturned the initial ruling and sentenced him to eight years in prison, a fine of 146.5 billion won, and a forfeit of 181.5 billion won. Ra and the accomplices, surnamed Byun and An, were charged with making the illicit profits between May 2019 and April 2023 by selling off the stocks of eight listed companies after raising their prices through fixing.

The profits made it the largest stock manipulation case to date. Meanwhile, the three were also charged with defrauding investors of 194.4 billion won by charging a commission for their investments without registering the firm with the financial authorities and concealing the money in a borrowed-name account.