Mimirose CEO claims he was cheated out of KRW 8.4 billion and has no money to promote the group

legendary singer I’m Chang YoungWho is the CEO of I AM entertainmentwhich hosts the idol group mimirose responded to allegations of stock manipulation by saying he was also scammed and has now taken on KRW 6 billion (about US$4.49 million) in new debt.

On April 26, Im Chang Jung revealed in an interview with JTBC who was scammed and shared how he was manipulated into investing with the alleged scammers.

They said they only invest in companies with very small market capitalizations relative to corporate earnings. How is this stock market manipulation? I thought they were doing something cool. and thought they were very smart. I didn’t even know what industry they were investing in, but I just looked at the charts and they told me how much the companies were making, so I opened two accounts with them.

—Im Chang Jung

The singer went on to say that they also left their ID with the scammers and owed KRW 6.00 billion (approx. more money from the bank.

I figured (leaving her ID) was her rule and opened a personal account. Because they told me that people who have money increase their wealth that way. However, I only invested KRW 3 billion (about US$2.24 million) but bought KRW 8.4 billion (about US$6.28 million) with my balance. They didn’t want to show me the transactions. It was yesterday. They told me someone betrayed us.

—Im Chang Jung

Im Chang Jung then announced that he had no money to further promote his idol group. mimirose.

Tomorrow my account will be minus 500 million KRW (about 374,000 USD). The finance company will soon repossess me and my wife. Now I owe KRW 6.00 billion (about $4.49 million) in debt. I have to promote my girl group but I have no money. I invested KRW 3.00 billion (about $2.24 million) of my money to pay salaries, but everything was ruined.

—Im Chang Jung

Previously, Im Chang Jung was accused of participating in stock market manipulation. The actor, who invested KRW 3.00 billion (about US$2.24 million), has almost doubled his investment, but recently the stock has fallen. The singer is said to have previously appeared on the alleged scammers’ show and also invested in a golf course that the alleged scammers bought.

Meanwhile, financial authorities have reportedly launched an investigation into the stocks allegedly involved in the manipulation scheme. The alleged scammers allegedly targeted celebrities and other wealthy individuals.

You can listen to Im Chang Jung’s interview with JTBC at the link below.