Indiscriminate Distribution of Spam Messages with Illegally Obtained Personal Information
Large Buying Orders Entered for the Stock
Delisting Procedure Underway… Market Capitalization Loss Estimated at 160 Billion Won,
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, “An arrest warrant has been issued for an employee of a stock leading group who sent out 23.2 million spam text messages containing baseless ‘positive news’ about stocks to lure individual investors into buying shares.”,
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, ‘On the 30th, the Financial Supervisory Service’s Capital Market Special Judicial Police (Special Judicial Police) revealed that the day before, the Seoul Southern District Court issued an arrest warrant for a leading group employee, Mr. P.’,
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, ‘While working as the operation team leader of the leading group, P used illegally obtained personal information to distribute a large number of spam text messages related to the stock of a KOSDAQ-listed company, Company A. The messages sent amounted to over 23.2 million. If we assume that one message was sent to one mobile phone, this accounts for more than 41% of the total number of mobile phone subscribers nationwide (56,197,212 lines) as of September last year.’,
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, ‘According to the Special Judicial Police of the Financial Supervisory Service, the group led by Mr. P sent out spam messages containing baseless positive rumors to boost the share price of Company A. Through this method, they gained unfair profits amounting to about 1.7 billion won.’,
, ‘Following the mass distribution of spam messages, a large amount of buying orders flowed into Company A. However, this company soon received an adverse opinion from an external auditor and is currently undergoing delisting procedures. The Special Judicial Police estimated that the market capitalization loss resulting from this is around 160 billion won.’,
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