CNBLUE′s Jung Yong Hwa has been found innocent of insider trade. However, fellow member Lee Jong Hyun has been charged a fine for the same crime.
On June 30, the Seoul District Prosecutors′ Office revealed that they will not be pressing charges against Jung Yong Hwa, who was previously under investigation for alleged insider trade.
It was previously reported that Jung Yong Hwa had made a profit of 200 million won through purchasing FNC Entertainment stock after receiving insider information of Yoo Jae Suk signing onto the agency. This led to prosecutors raiding Jung Yong Hwa′s home and 4-5 additional locations.
Upon investigation, it was revealed that Yoo Jae Suk was recruited on July 15 while Jung Yong Hwa purchased stock on July 8 and July 9. Prosecutors came to the conclusion that Jung Yong Hwa did not purchase stock because of the top star signing onto the company and dropped the charges against him. It was also revealed that the person that sold the stock after the price rose was not Jung Yong Hwa himself, but his mother, who manages his assets.
Additionally, during the investigations of those who purchased FNC Entertainment, prosecutors discovered that member Lee Jong Hyun had also purchased a large amount.
Lee Jong Hyun found out about Yoo Jae Suk′s contract with FNC Entertainment through a phone conversation with a company employee. He proceeded to purchase 11,000 stock on July 16, but has not sold the stock and it is still in his possession.
Prosecutors have fined Lee Jong Hyun a 20 million won fine as the artist was not aware of his crime. It was revealed that as soon as Lee Jong Hyun learned of the legal issues, he purposefully did not sell the stock. His agency FNC Entertainment has stated that he is actually at a loss due to holding onto the stock. Photo credit: eNEWS DB
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