Prosecutors have begun a forced investigation after spotting evidence that an executive at a securities firm colluded with a price-manipulation group to rig shares of a Kosdaq-listed company.
The joint financial and securities crime investigation unit at the Seoul Southern District Prosecutors Office is conducting raids from the morning of Feb. 24 on Daishin Securities’ headquarters in Jung-gu and other locations.
A manager-level employee, identified only as A, who worked at a Daishin Securities branch in Gyeonggi Province, is reported to be suspected of colluding with a price-manipulation group early last year and taking part in manipulating shares of a Kosdaq-listed company identified only as B.
Daishin Securities conducted an internal audit in June last year and reported A to the Namdaemun Police Station in Seoul in August on suspicion of violating the Capital Markets Act, the Financial Real Name Act and the Electronic Financial Transactions Act. A was dismissed around year-end.
[Yonhap]
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