On June 28, the financial sector of Seoul's District Public Prosecutor's Office summoned Yonghwa for questioning concerning accusations of insider trading and an alleged profit of 200 million Won (~$175,000 USD) last July. The prosecutor's office revealed Yonghwa was being investigated for allegedly buying 21,000 shares of FNC Entertainment's stock through insider trading.
The CNBLUE leader is being accused of buying 400 million Won (~$342,564 USD) worth of stock and selling it for 600 million Won (~$513,846 USD) a week later. On July 16 of 2015, FNC Entertainment's stock rose from 20,800 Won (~$17.80 USD) a share to 27,000 Won (~$23.12 USD) a share following the signing of a popular celebrity, who's speculated to be Yoo Jae Suk.
It's being investigated when Yonghwa discovered the celebrity would be signing with the agency, and details of the stock deal are being thoroughly probed.
Stay tuned for updates.
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Posted by Tuesday, June 28, 2016
CNBLUE's Yonghwa investigated for insider trading at FNC Entertainment
CNBLUE's Yonghwa is reported to have been called in for questioning about FNC Entertainment's recent stock market manipulation scandal.
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