Independent lawmaker Lee Chun-seok, accused of proxy stock trading through his aide's name, denied the allegations during his first trial.
The Seoul Southern District Court held the initial hearing on November 11 for Lee, who faces charges of violating the Financial Real Name Act, the Electronic Financial Transactions Act, the Public Service Ethics Act, and the Anti-Corruption Act.
Lee is accused of receiving a mobile phone with a securities application and a password from his aide, Cha, in March 2020, during his term as a member of the 20th National Assembly, and trading stocks through Cha's account shortly after beginning his term in June 2024.
Investigators found that Lee held stocks exceeding 30 million won in the proxy account but failed to sell them or place them in a blind trust within the legal timeframe.
Additionally, while serving as the Secretary General of the National Assembly in 2021, he allegedly received a total of 29 million won from four acquaintances as condolence money for his mother's passing and wedding gifts for his daughter.
During the hearing, Lee's attorney argued that he began trading stocks out of boredom after losing in the party primary and had no intention of breaking the law. The attorney stated, "There were no illegal acts regarding the Financial Real Name Act, and that was not the goal. Regarding the Electronic Financial Transactions Act, there was no intent to use it for criminal purposes, and the stocks in question were unrelated to his official duties."
Lee remarked, "This case has been classified as a political matter, leading to an expanded investigation involving close aides, friends, and juniors. More than 89 people have been investigated, and there have been 14 searches. The investigation records exceed 10,000 pages. Aide Cha has undergone police questioning eight times, even past midnight."
He added, "These individuals are not at fault. The responsibility lies entirely with me. I regret my poor judgment that led to this legal situation. I sincerely apologize and will accept any outcome."
The allegations of Lee's proxy trading surfaced after a media outlet captured him trading stocks under Cha's name in the National Assembly on August 4 of last year.
Following this, the People Power Party and civic groups filed complaints, prompting a police investigation.
The Seoul Metropolitan Police's Financial Crimes Investigation Unit referred Lee to prosecutors for violations of the Financial Real Name Act and the Anti-Corruption Act four months after starting the investigation, but they concluded that allegations of using undisclosed information were not substantiated.
At the time of the indictment, prosecutors requested a re-investigation of the undisclosed information allegations (violations of the Capital Markets Act) and reviewed the case records but ultimately agreed with the police's assessment and returned the records.
The next court date is scheduled for December 23 at 11:10 a.m.
* This article has been translated by AI.
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