‘Korean Warren Buffett’ admits his stock success ‘fabricated’

Known as the “Korean Warren Buffett,” a college student who allegedly earned 40 billion won ($36 million) through stock trading admitted Tuesday he had inflated his investment returns.

Park Chul-sang has drawn much media attention for earning a huge sum of money through investments at a young age, as well as donating a considerable portion of that money for social good.

However, Park admitted Tuesday that he exaggerated his investment returns, in response to suspicions raised by a fellow trader Shin Joon-kyung on Thursday.

Shin posted a message addressed to Park on Facebook in which he said, “If Park actually earned 40 billion won through stock trading, I ask him to present a copy of his bank account containing the amount.” Shin also said he would bet 100 million won that Park had not earned that much money through his investments.

Park initially dismissed Shin’s claim, but admitted Monday he had met with Shin in person and told the truth about his lies to the media.

“I’d say the money I raised through investments amounts to around 1.4 billion won at most. Though I haven’t exactly said I raised 40 billion, it is my fault for not actively correcting such reports and avoiding clear answers to questions about my earnings,” Park said in an interview with Maeil Business News on Tuesday.

Park also admitted that unlike his initial claim, he had never worked at an investment firm in Hong Kong.

Shin, who initially raised suspicions against Park, said via his Facebook on Tuesday, “This young man (Park) is not essentially a bad person. It just seems he was infatuated with the attention he received from society.”

By Kim Min-joo/ Intern reporter (mjk625@heraldcorp.com)