CN Blue Yonghwa Under Investigation For Insider Trading

Jung Yonghwa of CNBlue is currently under investigation for suspicions of being connected to the recent FNC Entertainment insider trading investigation and suspicions of profiting 2,000,000 KRW (around $171,000 USD).

The Seoul Southern District’s Prosecution Office’s Financial Investigation Department’s chief investigator, Park Gilbae, revealed that Yonghwa had been charged with using nonpublic information to purchase stocks at 21,000 KRW per share (roughly $18 USD).

The prosecution office is currently focusing on searching for concrete evidence on whether or not Yonghwa had access to sensitive information concerning the stock prices before that information was released to the public.

In early July of 2015, Yonghwa and his mother purchased stocks worth 4 million KRW and sold them back for 6 million KRW, making a 2 million KRW profit in about only a week. There is also one more CNBlue member under investigation for the same charges.

While the CEO of FNC Entertainment has been determined to be directly involved in the insider trading, prosecutors are still looking in to whether Yonghwa and others are officially involved.

FNC Entertainment’s stocks rose from 20,800 KRW to 27,000 KRW on July 16th of last year.

This investigation began May 4th when the Commitee for Capital Market research group brought up signs of insider trading to the Seoul Southern District’s Prosecution Office.

 

Source: KBS

All visual media courtesy of KBS
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