Society
The first-instance ruling reported on September 30 must distinguish admissible proceeds, criminal fines, forfeiture and investor damages.
Information cutoff: 2026-09-30 22:25 KST
Prepared: 2026-09-30 22:37 KST
AI-assisted public-source analysis · Private draft · Awaiting human editorial review
Based on reporting of September 30, 2026. The figures refer respectively to the prosecution estimate, court-recognized proceeds and lead forfeiture, and aggregate fines across defendants.
데일리안 · '영풍제지 주가조작' 일당 22명 1심 유죄…벌금만 2조9000억원 · 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억 · 동아일보 · 영풍제지 주가조작 총책, 1심서 징역 15년·벌금 3973억 원 선고 · 국가법령정보센터 · 자본시장과 금융투자업에 관한 법률 [시행 2023. 9. 22.] 제443조
Visual: original explanatory diagram. No third-party photograph or chart reproduced.
At a glance
- Reports say the court excluded material obtained without a warrant and recognized about KRW 132.4bn, rather than the prosecution's KRW 789.8bn estimate, as illicit proceeds.
- The roughly KRW 2.97tn figure is the sum of criminal fines imposed on multiple defendants.
It is not a measure of illicit proceeds, investor losses or compensation. - The lead defendant's KRW 397.3bn fine is numerically consistent with three times the reported KRW 132.427bn forfeiture amount.
This is a comparison with the September 22, 2023 statutory range, not proof of the court's legal basis; the full judgment is unavailable.
What the first-instance court recognized
On September 30, Seoul Southern District Court's Criminal Division 12 convicted 22 of 24 defendants in the Yeongpung Paper price-manipulation case.
The reported sentence for the alleged ringleader was 15 years in prison, a KRW 397.3bn fine and forfeiture of KRW 132,427,004,603.
Evidence: 데일리안 · '영풍제지 주가조작' 일당 22명 1심 유죄…벌금만 2조9000억원 · 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억 · KBS · ‘영풍제지 주가조작’ 총책 징역 15년…1,324억 원 추징
According to court reporting, material the Financial Supervisory Service obtained from brokerages and the exchange without warrants, after prosecutors opened their investigation on October 4, 2023, was excluded as illegally collected evidence.
The court consequently recognized approximately KRW 132.4bn in realized gains from 113 accounts during October 25, 2022 to August 18, 2023.
Evidence: 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억 · KBS · ‘영풍제지 주가조작’ 총책 징역 15년…1,324억 원 추징
KRW 789.8bn versus KRW 132.4bn: an evidence boundary, not a loss figure
Public-source analysis
KRW 789.8bn was the prosecution's alleged illicit-profit calculation.
About KRW 132.4bn was the amount the first-instance court recognized within the evidence it admitted.
Using the reported rounded figures, the latter is about 16.8% of the former.
That is neither a finding that investors suffered only 17% of losses nor an 83% acquittal of the case.
Evidence: 데일리안 · '영풍제지 주가조작' 일당 22명 1심 유죄…벌금만 2조9000억원 · 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억
The reported decisive issue was not an economic re-evaluation of every price movement.
It was whether financial records obtained without warrants after the criminal investigation began could be used in the criminal trial.
Newsis reported that the court held a later warrant-based reacquisition did not cure the defect.
Evidence: 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억
Why the KRW 2.97tn fine total is larger than KRW 132.4bn
Public-source analysis
The reported KRW 2,968,602,500,000 is the aggregate of fines separately imposed on defendants.
It therefore does not share the same denominator as the court-recognized KRW 132.4bn proceeds, and it is not a total of investor losses.
It should not be treated as a compensation or recovery figure.
Evidence: 동아일보 · 영풍제지 주가조작 총책, 1심서 징역 15년·벌금 3973억 원 선고 · 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억
Article 443 in the September 22, 2023 version available from the National Law Information Center provided for a fine of three to five times the profit from the violation or avoided loss for price manipulation.
The reproducible comparison is 1,324 ÷ 7,898 × 100 ≈ 16.8%; three times the reported KRW 132,427,004,603 equals KRW 397,281,013,809, or about KRW 397.3bn when rounded to hundred-million-won units.
That numerically matches the reported fine, but only compares a historical statutory range and reported figures.
Without the full judgment, it does not establish the court's legal application or individualized sentencing reasons.
Evidence: 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억 · 국가법령정보센터 · 자본시장과 금융투자업에 관한 법률 [시행 2023. 9. 22.] 제443조
Forfeiture recovers criminal proceeds; investor damages are separate
Limits of verification
Forfeiture is the recovery of the value of criminally acquired property when the property itself cannot be confiscated.
It is distinct from a punitive fine and from civil damages paid to victims.
The Capital Markets Act separately permits investors harmed by price manipulation to seek damages.
Evidence: 국가법령정보센터 · 자본시장과 금융투자업에 관한 법률 제447조의2(몰수·추징) · 국가법령정보센터 생활법령정보 · 시세조종행위 금지
The public reports and statutory materials reviewed here do not quantify individual investor losses, civil awards or actual distributions.
There is no basis to call KRW 789.8bn the victim-loss total, to say the KRW 132.4bn will go to victims, or to call the KRW 2.97tn fines compensation.
The full judgment and appeal status were not available in this review.
Evidence: 데일리안 · '영풍제지 주가조작' 일당 22명 1심 유죄…벌금만 2조9000억원 · 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억 · 동아일보 · 영풍제지 주가조작 총책, 1심서 징역 15년·벌금 3973억 원 선고 · 국가법령정보센터 생활법령정보 · 시세조종행위 금지
Sources and references
Primary sources
- 국가법령정보센터 · 자본시장과 금융투자업에 관한 법률 [시행 2023. 9. 22.] 제443조
2023-09-22 시행본 - 국가법령정보센터 · 자본시장과 금융투자업에 관한 법률 제447조의2(몰수·추징)
현재 페이지 접근 기준 - 국가법령정보센터 생활법령정보 · 시세조종행위 금지
2026-09-15 기준
News reports
- 데일리안 · '영풍제지 주가조작' 일당 22명 1심 유죄…벌금만 2조9000억원
2026-09-30 - 뉴시스 · '영풍제지 주가조작' 총책, 1심서 징역 15년…벌금 3973억
2026-09-30 - KBS · ‘영풍제지 주가조작’ 총책 징역 15년…1,324억 원 추징
2026-09-30 19:34 KST, 수정 19:58 KST - 동아일보 · 영풍제지 주가조작 총책, 1심서 징역 15년·벌금 3973억 원 선고
2026-09-30