Seoul: Police raided Rep. Lee Choon-suak’s office for the second time Thursday over allegations of stock trading under a borrowed name, officials said. Investigators were searching Lee’s office at the parliamentary compound in western Seoul for additional evidence following their first raid last month.
According to Yonhap News Agency, the Seoul Metropolitan Police Agency’s financial crime unit is leading the investigation. The four-term lawmaker stirred up public outrage when a press photo captured him early last month checking and trading stocks on a mobile phone using an account under the name of his aide, surnamed Cha.
Lee is accused of trading more than 1 billion won (US$723,000) worth of stocks under Cha’s name for about three years, violating laws on real name financial transactions and conflict of interest prevention. Police are looking into the source of Lee’s stock purchase funds, considering that he held assets worth only about 400 million won at the time.
In police questioning, Lee admitted to stock trading under a borrowed name while claiming the stock purchase funds were from cash gifts from special occasions, such as weddings or funerals. Police are looking into suspicions that Lee used insider information to trade stocks, considering he served as the head of a subcommittee on AI policy under the presidential policy planning committee.
Lee has since been dismissed from the post and has quit the ruling Democratic Party.