The police have launched a forced investigation into a former executive of a KOSDAQ-listed company suspected of purchasing stocks using undisclosed information.
On the 7th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that they conducted a search and seizure of the office of Company A located in Seongnam, Gyeonggi Province, and the residence of former executive Mr. B on charges of violating the Capital Markets Act.
The police are reportedly suspecting that Mr. B had prior knowledge of a major contract between Company A and a large U.S. tech company in 2021 and purchased related stocks accordingly.
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