Seoul: The prosecution announced a major crackdown on a 10-member stock manipulation ring allegedly led by a self-proclaimed movie actor and a securities firm executive. The Seoul Southern District Prosecutors Office has arrested and indicted three ringleaders on charges of violating the Capital Market Act and summarily indicted six accomplices without detention, while the remaining suspect is wanted.

According to Yonhap News Agency, the group is accused of making at least 1.4 billion won (US$960,000) in illegal profits by manipulating the stock price of a KOSDAQ-listed company through borrowed-name accounts between December 2024 and April 2025. Prosecutors revealed that the group traded shares worth more than 28.9 billion won during the period.

Key perpetrators included a corporate raiding expert claiming to be one of the protagonists of the 2009 movie "Operation," a securities firm executive, a wealthy man known to be the husband of an influencer, and a former football player. They reportedly assigned specific roles to execute the scheme, which involved raising funds, opening nominee accounts, and securing burner phones, before manipulating stock prices by spreading false positive news.

The investigation began following a leniency application submitted to the Supreme Prosecutors Office by a self-reporter.