Bank Employee Who Gained 5 Billion KRW Using Insider Information Sentenced to 3 Years and 6 Months in Prison and Fined 17 Billion KRW
An employee of KB Kookmin Bank was sentenced to 3 years and 6 months in prison and fined 17 billion KRW for profiting about 5 billion KRW using undisclosed information obtained during work.
The Criminal Division 13 of the Seoul Southern District Court (Chief Judge Kim Sang-yeon) delivered the verdict on the 21st to Cho (49), who was indicted for violating the Capital Markets Act. They also ordered the confiscation of 4.974 billion KRW.
The court stated, "Using undisclosed important information obtained through one's duties directly or providing it to others violates the fairness of the capital market," and added, "The defendant repeatedly gained unfair profits over the consultation period."
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Cho was arrested and indicted in July last year on charges of purchasing stocks of 61 companies using undisclosed information about a planned free capital increase of a listed company from August 2021 to February 2023, profiting approximately 4.974 billion KRW. During the same period, he is also accused of informing two acquaintances of this information, enabling them to gain unfair profits of about 680 million KRW.
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