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Financial regulators filed a complaint against Green Non-Life Insurance and its chairman Lee Young-doo with the prosecution for manipulating stocks.
The Securities and Futures Commission said Wednesday that the insurance firm has been suspected of frequently rigging stocks between July 2010 and September 2011.
During the period, the insurance firm engaged in more than 3,000 cases of fraudulent trading, according to the regulator.
The SFC alleged that the practices were aimed at raising the “risk-based capital,” a regulatory requirement for the insurance sector.
Affiliates of Green Non-Life Insurance and the company’s subcontractors are also on suspicion of being implicated in the practices, the SFC said.
Aside from the company and Lee, the SFC requested the prosecution investigate seven more figures.
By Kim Yon-se (kys@heraldcorp.com)
The Securities and Futures Commission said Wednesday that the insurance firm has been suspected of frequently rigging stocks between July 2010 and September 2011.
During the period, the insurance firm engaged in more than 3,000 cases of fraudulent trading, according to the regulator.
The SFC alleged that the practices were aimed at raising the “risk-based capital,” a regulatory requirement for the insurance sector.
Affiliates of Green Non-Life Insurance and the company’s subcontractors are also on suspicion of being implicated in the practices, the SFC said.
Aside from the company and Lee, the SFC requested the prosecution investigate seven more figures.
By Kim Yon-se (kys@heraldcorp.com)
