Blogger found not guilty of causing losses

SEOUL, April 20 (UPI) -- A South Korean blogger charged with spreading misinformation that allegedly caused financial losses has been found not guilty by a Seoul court, observers said.

Park Dae-sung, 30, also known by his Internet alias "Minerva," had been arrested and accused of spreading false online rumors that the government had ordered local banks not to buy U.S. dollars in a bid to stabilize the South Korean currency. But Justice Yoo Young-hyun of the Seoul Central District Court cleared Park in ruling Monday, the South Korean news agency Yonhap said.

"When considering all the circumstances, it is hard to conclude that Park was aware the information was misleading when he wrote the postings," Yoo said in the ruling.

Prosecutors had sought an 18-month sentence for "Minerva," saying his December posting forced the government to hurriedly provide $2 billion to stabilize the currency market. But Yoo disagreed with their contentions that it was a criminal act, saying even if the pundit knew the information was false, it couldn't be proven he intended to hurt the public interest, Yonhap said.