Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
Hana Financial Investment under FSS probe for front-running
Hana Financial Investment headquarters on Yeouido, Seoul / Yonhap
By Jhoo Dong-chan
By Jhoo Dong-chan
Hana Financial Investment is under a Financial Supervisory Service (FSS) investigation for alleged front-running trading, sources said.
Front-running is when a broker or other entity enters into a trade because they have foreknowledge of important non-publicized information that will influence the price of the asset, resulting in a likely financial gain for the broker.
According to industry sources, the FSS Special Judicial Police team started searching the Hana Financial Investment Research Center on Sept. 18.
Established in July this year, the Special Judicial Police is a taskforce under the FSS granted authority to investigate possible financial irregularities. The taskforce is made up of one Financial Services Commission member and 15 FSS staffers.
Investigators seized cellphones of about 10 Hana Financial Investment analysts on the day.
“We have no comment about the investigation at this point since it is ongoing,” an FSS Special Judicial Police official said.
A Hana Financial Investment official also declined to comment.
Sources claimed rumors had been milling about for quite some time.
“Rumor has it one Hana Financial Investment researcher bought a luxury apartment in the affluent Gangnam area through raking in a huge profit by selling back those shares,” said an industry insider who asked not to be named.
“I believe the incident occurred because of moral laxity. Most researchers work really hard in a bid to provide information for investors. I am afraid the case will impose a scarlet letter on them.”