It was previously reported that an artist housed under FNC Entertainment was suspected of stock manipulation. It has now been reported that the artist under investigation is CNBLUE’s leader Jung Yong Hwa.
On June 28, a chief prosecutor summoned singer Jung Yong Hwa to be investigated as the celebrity behind the crime of insider trading. He is reportedly being investigated for allegedly earning 200 million won (approximately $175,000) through buying stocks in FNC Entertainment after learning about their plans to sign a major celebrity, who is speculated to be Yoo Jae Suk.
In response to this suspicion, an affiliate of FNC Entertainment stated, “The prosecution is investigating this case and we believe that it is wrong to reveal any information to outsiders of the investigative agency.”
The prosecution is currently investigating when Jung Yong Hwa learned this inside information, and looking into detailed accounts of the stock trading.