The former head of local BMW car dealer Deutsch Motors was handed a suspended prison sentence after he was found guilty of manipulating the company's stock prices.

The Seoul Central District Court on Friday sentenced Kwon Oh-soo to two years in prison, suspended for three, for violating the capital markets law while also ordering him to pay 300 million won in fines.

Kwon was indicted in 2021 on charges of stock manipulation as well as collusion with influential market players, stock company executives and analysts to stir up market buzz around the company to induce stock purchases between 2009 and 2012.

Five of his accomplices were also given suspended sentences or fined.

The case drew public attention after the main opposition Democratic Party's(DP) alleged that First Lady Kim Keon-hee was involved in the stock manipulation.