Two Former Gwangjang Employees Arrested for Insider Trading
Prosecution Investigates Possible Lawyer Involvement
Two former employees of the law firm Gwangjang have been arrested on charges of making unfair profits by using insider information regarding a specific company's tender offer.
The Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office announced on the 22nd that it had arrested two former IT department staff members of Gwangjang on these charges.
They are accused of hacking into a lawyer's email account to obtain information in 2023 about the tender offer of Hankook & Company, purchasing shares based on this information, and making illicit profits amounting to billions of won.
In January, the prosecution received a complaint from the Securities and Futures Commission of the Financial Services Commission, accusing the individuals of violating the prohibition on the use of undisclosed material information, and subsequently launched an investigation. The two suspects were arrested on the 15th of this month.
The prosecution also discovered suspicious circumstances suggesting the involvement of a Gwangjang lawyer in the crime and conducted a search and seizure at the Gwangjang office in Jung-gu, Seoul, last month.
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