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[Alpha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service imposed heavy penalties on John Lee, former head of Meritz Asset Management.

According to the financial investment industry on the 25th, the Financial Supervisory Service decided to suspend John Lee's duties and impose a total of 1 billion won in fines and fines at a sanctions review committee meeting held on the same day.

Earlier, former CEO John Lee was suspected of investing about 6% of his stake in an P2P (Personal Finance) company in the name of his spouse.

The final decision on sanctions involving former CEO John Lee will be made by the Financial Services Commission. If the heavy penalty is confirmed, the employment of executives in the financial sector will be restricted for a certain period of time.

"The FSS's sanctions review took place today (25th), and the final decision will be made by the Financial Services Commission," former CEO John Lee said on his YouTube channel. "What is important in this decision is that it was revealed that there was no 'a borrowed name' or 'illegal' investment." He said, "The contents of the FSS' action are the obligation to manage conflicts of interest, maintain professional manpower, and comply with financial product advertisements." Former CEO John Lee resigned as CEO of Meritz Asset Management in late June last year after related allegations arose.

 

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