[Apha Biz=(Chicago) Reporter Paul Lee] Employees of securities firms have been caught seeking private profits by investing related CBs (convertible bonds) with funds from employees and their families using information acquired in the course of their duties.

The Financial Supervisory Service said on the 12th that executives and employees were found to pursue private interests after conducting a planning inspection of Meritz Securities Co., which has a large private equity CB, from Aug. 16 to Sept. 22.

Employees of Meritz Securities' IB headquarters have been found to have earned billions of won in profits from internal information acquired at work.

The internal information used for unfair transactions was reportedly able to be obtained due to the arrangement of investors related to the issuance of CBs of listed companies and the investment of Meritz Securities' own funds.

Through such information, the investigation found that not only Meritz Securities employees themselves but also their family members and acquaintances invested in the target CB twice and made unfair profits.

Under the current law, executives and employees of financial investment companies should not allow themselves or third parties to use information they have learned in the course of their duties without justifiable reasons.

 

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