▲ Financial Supervisory Service
The Capital Markets Special Judicial Police of the Financial Supervisory Service (FSS) has launched a search and seizure operation targeting a current FSS beat reporter for an economic media outlet, who is suspected of front-running.
This morning, the special judicial police conducted raids on the reporter's residence and their designated seat in the press room.
The special judicial police suspect that a group including the head of a listed entertainment agency and a quasi-investment advisory firm lured four active-duty reporters into publishing featured stock articles to generate unfair profits.
Authorities have initially found that the scheme targeted some 300 stocks over the past year, yielding unfair gains in the range of 3 billion won.
The special judicial police also plan to search the media outlets and entertainment agencies where the reporters are employed.
This case is reportedly the last of four ongoing front-running cases involving featured stock articles tied to current and former reporters—investigated by the FSS special judicial police since last year—that has not yet been forwarded to prosecutors.
(Photo: Yonhap News)
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