Investigators described the network as an “elite group” of entrepreneurs and finance professionals who colluded to carry out “meticulous and intelligent” market manipulation, only to be stopped midstream by coordinated enforcement. They used dozens of accounts, spoofed internet addresses and even exploited corporate governance disputes to disguise their activities. In an unprecedented step, the Securities and Futures Commission froze dozens of accounts tied to the trades, invoking a new legal tool introduced in April to halt payouts linked to market manipulation. President Lee has vowed to make stock manipulation “a path to ruin,” declaring during his 100th-day press conference that the government would pursue harsh penalties for unfair trading. In a separate ruling last week, the commission fined a listed company employee 48.6 million won — twice his illegal profit — for using undisclosed insider information to buy shares through his spouse’s account.