Glowicks Story
Looking at the Geumyang case, I can't help but think the most similar case is Glowicks.
Park Sung-hoon, who founded Bugs Music, negotiated with the music industry over copyright issues, gave up his 60% stake and management rights, and left. He then renamed the existing Bugs Interactive to Glowicks and started a PR agency and study-abroad business.
He said he would establish local subsidiaries and a college admissions information agency overseas, but
even that was embezzled. Then, Glowicks suddenly issued a disclosure that it had acquired a Mongolian mine amid the resources diplomacy boom during President Lee Myung-bak's administration.
As it spread information that the gold mining company's projected sales would reach 3.37 trillion won and that it expected an operating margin of 40% from the second half of 2009, the stock price rose from 545 won on April 28 to 2,690 won in August, and trading volume increased 6,246-fold.
The prosecution's investigation found that all the information was false, and CEO Park Sung-hoon was charged with taking unfair profits of about 70.3 billion won by selling all his shares and embezzling 79.3 billion won of company money.
Even that ended with him receiving just a six-year prison sentence.
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