1. 라이브 바카라 summary
① Barun 라이브 바카라 (specifically, attorneys Jooheon Kang, Ohjun Kwon and Jeongyeon Choi) represented a so-called “big investor” who had purchased a large number of shares in Deutsch Motors.
② Case background
The prosecution indicted some employees of several financial institutions for stock price manipulation, alleging that they were mobilized by the owner of Deutsch Motors to manipulate its stock price. Our client was prosecuted as a co-principal of crime as the prosecution alleged that he had purchased a large number of shares in Deutsch Motors and had communicated with the mobilized employees of the financial institutions about the share purchases during the period relevant to the alleged stock manipulation.
2. Issues and our role
The prosecution produced an analysis of abnormal transactions among the accused, which was conducted by the Financial Services Commission and Korea Exchange, as critical evidence showing that the accused were guilty of the allegation. According to the analysis of transactions conducted by the accused, the Financial Services Commission and Korea Exchange found that the accused engaged in abnormal trading practices such as fake trading, conspiring to inflate the stock price, placing orders at high prices, placing orders to mislead investors into placing purchase orders and purchasing a large volume of stock to artificially form buying trend. The prosecution alleged that the above practices were conducted as part of their efforts to manipulate the stock price in the market.
In response to the prosecutors’ allegation, we analyzed the client’s past investment practices, investment targets, the volume and price of shares purchased or sold by the client in the past, the frequency of transactions involved by the client and the client’s investment structure. Then, we argued and proved that the alleged purchase of shares in Deutsch Motors in large volume did not deviate from his past trading practices and was part of his normal investment practices. In addition, explaining the stock market situation, stock trading methods and fluctuations of stock prices affected by demand and supply, we clarified the causal relationship between the client’s stock trading and stock price fluctuations. We also showed that the client did not engage in stock transactions with intent to make stock price fluctuated, but the stock price was fluctuated as the client traded stocks.
Further, in light of the circumstances of the conversations and the pattern of the stock price, we aggressively argued that the text messages presented by the prosecution were not evidence under which the court could infer that the client was found guilty of the allegation.
3. The content and meaning of the judgment
Accepting our argument as made by us, the court found the client innocent of all the allegations. In particular, on the basis of our analysis of the client’s past transaction practices, the court determined that the client was inclined to aggressively purchase shares by mobilizing the enormous amount of money, and viewed that the alleged fraudulent practices of the client had happened to be categorized as abnormal trading practices. The court did not see that the alleged contents of text messages did not implicate stock price manipulation. Instead, the court’s judgment was that the client had just showed off his capability in the text messages.
In the 라이브 바카라 of stock manipulation cases, they often become the target of investigation after the Financial Services Commission or Korea Exchange is aware thereof by abnormal trading analysis or such analysis serves as an important basis proving allegations. Our defense was focused on proving that a circumstance in which the relevant transactions are categorized as abnormal trading cannot serve as a circumstance showing stock price manipulation since transactions that meet certain conditions are technically selected as abnormal trading in the abnormal trading analysis.
Accepting our 라이브 바카라, the court found that the abnormal trading analysis results of the Financial Services Commission and Korea Exchange were not enough for it to find that the client had engaged in stock price manipulation. We expect that the court’s judgment will be of great significance in challenging the proving power of abnormal trading analysis results of the Financial Services Commission or Korea Exchange as evidence or whether the accused is a co-principal of crime depending on the extent of engagement in stock price manipulation.
□ Attorneys in charge : Kang Joo-Hun, Kwon Oh-Jun, Choi Jung-Yeon
