“Use of status to undermine the public value of capital markets”… Probation of execution for accomplices that helped in the sale of stocks
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Prior to the announcement of the corporate analysis report, a former securities firm analyst (research center head) who bought stocks in advance and made a profit of hundreds of millions of dollars was sentenced to jail in the first trial.
According to the court on the 5th, the 13th Criminal Division of the Seoul Southern District Court (Deputy Judge Lee Sang-ju) was sentenced to two years in prison and a fine of 500 million won to DS Investment Securities former head of research center A, who was charged with violating the laws on the capital market and financial investment business. Sentenced.
The court explained the reason for the sentence, saying, “The defendant committed a crime that took advantage of personal interests by using the position of head of the research center, seriously undermining the public values of fairness, reliability, and efficiency in the capital market.”
“The defendant seems to have personally consumed most of the capital gains gained through the crime of this case,” he said. Pointed out.
Mr. A informed his acquaintance B of the items listed in the company research and analysis data (recommended to buy) and made him buy. After that, he was prosecuted under arrest for gaining a market profit of 450 million won in the’advance sale’ method of publishing analysis data and selling when the stock price rises. Mr. A submitted his resignation to the company when the case became a problem.
Mr. B, who was accused of buying and selling stocks after being handed information to Mr. A, was sentenced to 1 year and 6 months in prison, 3 years probation, and a fine of 200 million won. Mr. B joined a securities company on the recommendation of Mr. A and left after working as a professional investment advisor.
The Financial Supervisory Service’s Capital Market Special Judicial Police (special envoy) confiscated and searched Mr. A’s home and DS investment securities in June of last year to obtain relevant data, and then applied for a warrant of arrest and was issued in October of the same year. It was the first case that the FSS envoy was issued a warrant and directly secured the suspected recruits.
After receiving the case from the special envoy, the Seoul Southern District Prosecutor’s Office went through a reinforcement investigation and indicted Mr. A and others for violating the Capital Market Act.
The FSS was launched last year, and is an organization that investigates unfair trade practices in the capital market, such as manipulating market prices, manipulating stock prices, and using undisclosed information. It is composed of employees of the Financial Supervisory Service, and can investigate the case where the chairman of the Securities and Futures Commission transferred to the prosecution as an emergency measure under the direction of prosecutors.
/ Reporter Heo Jin [email protected]
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