FNC Entertainment Addresses Suspicions Of Stock Manipulation
FNC Entertainment is being investigated for suspicions of unfair profits made from stock manipulation.
A finance investigation team from the prosecutor’s office has seized and searched the home of celebrity “A” and a friend, the agency, and several other locations. Apparently “A” used information about their agency recruiting famous celebrities and bought stocks with future profits in mind. This act of insider trading violates Korea’s Capital Market Act.
FNC Entertainment denied the suspicions and stated, “The stock manipulation [suspicions] are groundless. We will actively cooperate with the prosecutor’s investigation.”
The agency continued, “The dealings in stocks last July had been judged as a normal transaction. It is an issue unrelated to stock manipulation.”
Lastly, they added, “This is not related to headquarters but rather a misunderstanding that came from a person related to the company who made a personal stock deal. ”