SNU business club alumni caught in alleged insider trading scheme

The Korea Times reports that financial authorities have uncovered an alleged insider trading network involving members and alumni of a business club at Seoul National University (SNU). The joint task force of the Financial Services Commission, Financial Supervisory Service, and Korea Exchange (KRX) conducted raids at over 20 locations, including the suspects' homes and workplaces, to secure evidence in the case.

The network allegedly involved over five financial industry officials who attended SNU and later worked at various asset management firms, private equity firms, and listed companies. The investigation, which has been ongoing for about two years, found that the suspects did not gain access to the information as insiders at listed companies but rather obtained it through unspecified means.

The network allegedly made more than 20 billion won ($14.7 million) in illicit gains by sharing undisclosed mergers and acquisitions (M&A) information.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.