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[SITUATION] · [QUIET] · [BUSINESS]
2 clusters · 10 sources · 4 days · First seen · Last updated
South Korean M&A insider trading investigation
Overview
South Korean financial authorities have uncovered an “information cartel” consisting of financial professionals who allegedly used non-public merger and acquisition (M&A) information to generate over 20 billion won in illegal profits over a five-year period.
The suspects reportedly established connections through prestigious university business clubs and global consulting firms to share sensitive data regarding corporate restructuring and public tender offers. Following investigations by the Joint Response Team to Eradicate Stock Price Manipulation, authorities conducted search and seizure operations at approximately 20 locations. To prevent the concealment of illicit gains, officials have frozen certain securities accounts and are considering fines of up to twice the amount of the illegal profits.
Entities
Korea Exchange · Cartier · Financial Supervisory Service · Hermès · Financial Services Commission
Timeline
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[CRIME] 2 sourcesSouth Korean court sentences group for 3.47 billion won luxury counterfeit sales
A South Korean court sentenced a group to prison for selling 3.47 billion won of counterfeit Chanel, Hermès, and Cartier goods via SNS, with original retail values exceeding 92.5 billion won.
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[BUSINESS] 9 sourcesSouth Korean authorities uncover 20 billion won M&A insider trading cartel
South Korean authorities raided 20 locations after uncovering a financial professional cartel that allegedly used M&A insider information to reap over 20 billion won in illegal profits over five years.
Sources
biz.heraldcorp.com · chosunonline.com · hani.co.kr · hidomin.com · jnilbo.com · kyeonggi.com · mbn.co.kr · newstomato.com · seoul.co.kr · tfmedia.co.kr