President Lee Jae-myung emphasized "ruin for stock manipulators" on Sunday, stating that whistleblower rewards for reporting stock manipulation are "definitely easier than winning the lottery" for changing one's fortune.
The president made the remarks on X (formerly Twitter) while publicly praising Financial Services Commission Chairman Lee Eok-won for expanding stock manipulation whistleblower rewards to up to 30% of illicit gains with no upper limit.
Sharing Chairman Lee's post, President Lee wrote, "Well done, Chairman." In his post, Chairman Lee had announced the expanded rewards, stating, "We will create a structure where 'reporting is the most profitable option' through strong incentives to awaken insiders." He added, "We will make clear the principle that stock manipulation and accounting fraud will inevitably be exposed, and those caught will be held accountable," citing materials and articles on the legislative notice for amendments to the Capital Markets Act and External Audit Act enforcement decrees.
Continuing from the chairman's post, President Lee said, "Now you can receive tens of billions or hundreds of billions of won as rewards for reporting stock manipulation. It's definitely easier than winning the lottery to change your fortune." He added, "Stop manipulating stocks now. Stock manipulation leads to ruin!" The president also noted that "reduced penalties and rewards will be considered even for accomplices who come forward."
At a Cabinet meeting the previous day, President Lee had instructed Fair Trade Commission Chairman Joo Byung-ki to increase rewards for reporting cartels, saying, "Make it painful enough that people think, 'Instead of buying lottery tickets, let's dig up cartels.' It's fine to give hundreds of billions—10 to 20 percent is acceptable."