In this file photo, Ra Deok-yeon, the head of an unregistered investment consulting firm, appears at the Seoul Southern District Court on May 11, 2023, ahead of an arrest warrant hearing. Yonhap

The head of an investment consulting firm was sentenced to 25 years in prison on Thursday over a massive stock manipulation scheme that rocked local financial markets.

The Seoul Southern District Court said it also ordered Ra Deok-yeon, the head of the unregistered firm, to pay a fine of 146.5 billion won ($101 million) and a forfeit of 194.4 billion won.

Ra was indicted on charges of pocketing 737.7 billion won from 2019 to 2023 by selling off the stocks of eight listed companies after raising their prices through fixing.

Two of his accomplices, surnamed Byun and An, were sentenced to prison terms of six years and 3 1/2 years, respectively.

"The stock manipulation was unprecedentedly large in scale," the court said in delivering the ruling. "Multiple innocent investors suffered irrecoverable losses."

The court also said Ra denies the charges and shows no remorse despite having planned and led the crime. (Yonhap)