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KB Kookmin Bank's New Building. (Photo = KB Kookmin Bank) |
[Alpha Biz= Kim Sangjin] A KB Kookmin Bank employee who illegally earned approximately 5 billion won using insider information was sentenced to prison and fined.
On Tuesday, the Seoul Southern District Court's Criminal Division 13 (Presiding Judge Kim Sang-yeon) sentenced Cho (in his 40s) to 3 years and 6 months in prison and imposed a fine of 17 billion won for violating the Capital Markets Act. The court also ordered the forfeiture of 4.97 billion won.
The court stated, "Using non-public, material information obtained through one's duties and providing it to others violates the fairness of the capital market," and added, "The defendant repeatedly obtained undue profits over a significant period."
Cho was indicted in July last year on charges of purchasing shares of 61 companies between August 2021 and February 2023 using insider information related to planned bonus issues by listed companies, earning approximately 4.97 billion won.
During the same period, he was also accused of leaking the information to two acquaintances, enabling them to earn an additional 680 million won in illicit profits. The court explained that the fine was set at roughly three times the amount of unjust gains.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
