Mimiirose’s CEO Alleges He Was Scammed Out Of 8.4 Billion KRW And Has No Money To Promote The Group

Legendary singer Im Chang Jung, who is the CEO of YESIM Entertainment, which houses idol group mimiirose responded to allegations of stock manipulation by claiming he was also scammed and now has incurred ₩6.00 billion KRW (about $4.49 million USD) in new debt.

On April 26, Im Chang Jung revealed in an interview with JTBC that he was a victim of a scam and shared how he was manipulated into investing with the alleged scammers.

They said they only invest in companies that have a very low market cap relative to the companies’ revenues. How is that stock manipulation? I thought they were doing something cool. and thought they were really smart. I didn’t even know which industry they were investing in, but I just saw the graphs and was told how much the companies made, so I opened two accounts with them.

— Im Chang Jung

The singer then stated that they also left their identification with the scammers, and despite investing ₩3.00 billion KRW (about $2.24 million USD), he had accrued a ₩6.00 billion KRW (about $4.49 million USD) debt due to the alleged scammers using his credit to borrow more money from the bank.

I thought (leaving my identification with them) was their rule and opened a personal account. Because I was told, that is how people with money grow their wealth. However, I only invested ₩3.00 billion KRW (about $2.24 million USD), but I had bought ₩8.40 billion KRW (about $6.28 million USD) through my credit. They wouldn’t show me the transactions. That was yesterday. I was told that someone had betrayed us.

— Im Chang Jung

Im Chang Jung then revealed that he had no money to keep promoting his idol group mimiirose.

Tomorrow, my account will be negative ₩500 million KRW (about $374,000 USD). The financial company will soon put a lien on me and my wife. I now have a ₩6.00 billion KRW (about $4.49 million USD) debt. I need to promote my girl group, but I don’t have money. I put ₩3.00 billion KRW (about $2.24 million USD) of my money to pay wages, but it’s all ruined.

— Im Chang Jung

Previously, Im Chang Jung was alleged to have engaged in stock manipulation. The actor who invested ₩3.00 billion KRW (about $2.24 million USD) had one time almost doubled his investment but recently, the stock has plummeted. According to reports, the singer had previously made an appearance on the alleged scammers’ show and had also invested in a golf course that the alleged scammers had purchased.

Meanwhile, financial authorities are reported to have begun an investigation of the stock reportedly involved in the manipulation scheme. The alleged scammers reportedly targeted celebrities and other wealthy individuals.

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