The article below details SM Founder and Director Lee Soo Man’s criminal history. He committed securities fraud of over 1 billion KRW (approximately 1 million USD) by siphoning off company funds. When official investigations began, he fled Korea. He returned after one year and was found guilty on all charges, and received a two-year jail sentence. That sentence was then delayed, and he eventually received a special pardon from the President of Korea.
Lee Soo Manis now the model in an advertisement by a securities firm named KB Investment Securities. That a criminal who was convicted of a multimillion-dollar securities fraud is the model for a securities firm has created some controversy.
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It has become known that Lee Soo Man, who is the director of SM Entertainment and has been appointed as the advertisement model for KB Investment Securities, has a criminal record, having committed a crime relating to securities. There are remarks that point out that the fact of having appointed an individual with a conviction of securities fraud in an advertisement for a securities firm is enough to generate controversy. But the firm takes the position that there is no problem.
According to the securities industry, KB Investment Securities launched a TV advertisement starting this month that has Director Lee has the model.
In the advertisement, along with a video of the collaborative performance of SNSD, Shinee, TVXQ and such in Paris as proceeded by SM Entertainment, is a narration by Director Lee that reads: “A true investment is something that, with a long-term outlook of ten, twenty years, creates something that cannot be imagined.”
It was relayed that Director Lee received about 300,000,000 KRW (approximately 300,000 USD) as appearance fee for the advertisement, and that he plans to donate 100,000,000 KRW (approximately 100,000 USD) to Centre Culturel Coréen.
KB Investment Securities explained the background behind appointing Director Lee as its model: “The image of the securities firm that recommends a long-term investment and the image of the director of the entertainment industry that raises stars with a long-term outlook matched.”
Despite this, the past criminal history of Director Lee is enough fodder for controversy. Read More →