[Apha Biz=(Chicago) Reporter Paul Lee] The Seoul Southern District Prosecutors' Office's Joint Investigation Department on Financial Securities Crimes (Senior Prosecutor Dan Sung-han) on the 5th sought an arrest warrant for Jang Ha-won (64), head of Discovery Asset Management (hereinafter Discovery), on charges of illegally operating fund funds.

Former head of Discovery's investment division Kim and former head of the operation team Kim were also sought arrest warrants on the same charges.

They are accused of investing or using funds raised by Discovery where they did not promise in advance. From January 2016 to January 2019, he is also suspected of investing in a specific bond through Discovery Investment without registering a financial investment business.

They were subject to violations of the Capital Market and Financial Investment Business Act (fraudulent transactions, unregistered financial investment business, etc.) and violations of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (malpractice and bribery).

 

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