An FNC Entertainment artist may be in trouble after it was suspected he may have dealings in an illegal insider trading regarding the agency’s stocks last year.
While the artist accused of insider trading has been confirmed, it was hinted at by the media, describing the person to be the lead vocalist and leader of an idol group, and has also has been active in acting. This caused many to believe the suspect at hand was CNBLUE member Yonghwa.
In July 2015, it was revealed that the suspect “A” had purchased 400 million won worth of stocks just days before FNC Entertainment announced they had signed popular entertainer and MC, Yoo Jae Suk. This announcement caused the agency’s stocks to soar from 21,000 won to 27,000 won. “A” then sold the stocks netting around 200 million won. This action has caused investigators to suspect “A” had received insider information regarding Yoo Jae Suk’s contract.
If found guilty, “A” may face a 10-year sentence or fined three times the money earned (1.2 billion won fine).