Lee Seung-gi Cuts Ties with In-Laws After Father-in-Law’s Arrest for $15 Million Stock Manipulation Scheme

Lee Seung-gi Cuts Ties with In-Laws After Father-in-Law’s Arrest for $15 Million Stock Manipulation Scheme

Lee Seung-gi Severs Ties After Father-in-Law’s Criminal Charges

Korean singer and actor Lee Seung-gi has officially announced he is cutting ties with his wife’s family after his father-in-law was arrested for a large-scale stock manipulation scheme.
The announcement came on April 29, following the Seoul Southern District Court’s decision to issue an arrest warrant against Mr. Lee, citing concerns over flight risk and evidence tampering.

Background of the $15 Million Stock Manipulation Scandal

Prosecutors allege that Mr. Lee, who served as an executive at companies including renewable energy firm Quantapiaand battery materials company Jungang D&M, orchestrated a scheme to artificially inflate stock prices.
He reportedly spread false rumors and engaged in manipulative trading, securing illicit gains of approximately 20 billion KRW (about $15 million).

Investigators also suspect that Mr. Lee attempted to bribe Korea Exchange officials, promising larger payments if they provided favorable treatment.
Mr. Lee’s criminal history includes a previous conviction related to stock manipulation at another KOSDAQ-listed company, with the Supreme Court ordering a retrial after overturning an earlier acquittal.

Lee Seung-gi’s Public Apology and Decision

In a public statement, Lee Seung-gi said, “Due to the repeated illegal actions of my father-in-law, the trust between our families has been irreparably damaged. After much deliberation, my wife and I have decided to cut ties with my in-laws.”

He also expressed regret over his earlier defense of his father-in-law and offered an apology to the victims.
“Illegal acts must be justly punished, and I sincerely apologize to those who were harmed,” Lee added.

Lee Seung-gi married actress Lee Da-in, daughter of veteran actress Kyeon Mi-ri, in 2023. The couple welcomed their first child earlier this year.

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