Former Daishin Securities Center Head Arrested for Hiding Loss Concerns and Selling Thousands of Billions Worth of Lime Fund

[Asia Economy Reporter Yoo Byung-don] Jang, the former head of Daishin Securities Banpo WM Center, who is suspected of hiding the possibility of losses from investors while selling Lime Asset Management fund products worth billions of won, has been arrested.

Park Won-kyu, the judge in charge of warrants at the Seoul Southern District Court, announced on the 22nd that he had issued an arrest warrant for former center head Jang, requested by the prosecution on charges of violating the Capital Markets Act, citing "concerns of flight risk and evidence destruction."

Former center head Jang is accused of selling Lime Asset Management funds worth a total of 248 billion won at Daishin Securities Banpo WM Center, and soliciting fund subscriptions by falsely informing or misleading subscribers about important matters such as returns and the possibility of losses.

He is the person who, in a recorded conversation with a victim investor made public in the media, identified Kim Bong-hyun, chairman of Star Mobility, as the financier of Lime, calling him "a chairman who does enormous lobbying."

Even after the redemption of Lime funds was suspended, former center head Jang is known to have held several briefings for investors, spreading false information and emphasizing the stability of the funds to induce them to withhold redemption.

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