On May 15, the Joint Securities Crime Investigation Unit at the Seoul Southern District Prosecutors’ Office, headed by Chief Prosecutor Ahn Chang Joo, revealed the indictment of 13 individuals on charges linked to stock manipulation.

One of the indicted persons is Mr. Lee, the father-in-law of entertainer Lee Seung Gi. Eight of the suspects, including Mr. Lee, have been arrested.

Mr. Lee, who is the spouse of actress Kyeon Mi Ri and the father of actress Lee Da In, is accused of masterminding a stock manipulation plan that resulted in around 14 billion KRW (approximately $10.37 million) of unlawful profits. He is also facing an additional charge under the Attorney-at-Law Act.

The prosecution claims that Mr. Lee received a 30 million KRW (about $21,494) retainer and was pledged a 1 billion KRW (approximately $716,517) success fee from a former prosecution investigator identified as 'A', regarding the trading suspension of a company named Quantapia in February of the previous year.

In response to the indictment, Lee Seung Gi issued a public statement on April 29 through his management company. He expressed deep disappointment and declared that he and his wife have opted to sever connections with her family.

Lee mentioned the persistent allegations against his father-in-law and the distress brought on by the recent indictment for similar wrongdoings despite a previous fine. He confessed that he had hoped for a different outcome, having placed trust in his family, but was greatly disheartened by the recurring misconduct.

Lee also apologized for making hasty comments in the past without a full grasp of the circumstances. Stressing that illegal actions must face appropriate consequences, he sincerely expressed regret to any affected individuals hurt by his earlier statements. He also conveyed deep apologies to those who had placed their trust in him.

Concluding his statement, Lee highlighted the irreparable damage to trust within the family. After much contemplation, he and his wife decided to sever ties with her family. He pledged to proceed with stronger values and a heightened sense of duty towards society.

Lee Seung Gi and Lee Da In got married in 2023.