SNU business club alumni caught in alleged insider trading scheme

Financial authorities said Tuesday they uncovered an alleged insider trading network involving members and alumni of a Seoul National University business club in Seoul. The group is suspected of sharing undisclosed mergers and acquisitions information and making more than 20 billion won in illicit gains. The joint task force raided more than 20 locations, and the investigation is ongoing.

The joint task force said it raided more than 20 locations, including the suspects homes and workplaces, to secure evidence.

Authorities said the network involved more than five financial industry officials who attended Seoul National University and later worked at asset management firms, private equity firms and listed companies.

The task force said it had been investigating the case for about two years, tracing funds, analyzing transactions and examining personal connections.

The information involved corporate governance changes, including tender offers and other mergers and acquisitions transactions that could significantly affect stock prices once announced.

Authorities said they plan to review the evidence from the raids before taking further action, including possible criminal complaints and fines of up to twice the illicit gains.

Published Sep 29, 2026 3:30 pm KST

Hwang Seon-oh, deputy governor of the Financial Supervisory Service and head of the joint task force on stock price manipulation crackdown, speaks during a briefing at the Korea Exchange in Yeouido, Seoul, Tuesday. Newsis

Financial authorities said Tuesday they had uncovered an alleged insider trading network involving members and alumni of a business club at Seoul National University (SNU) who shared undisclosed mergers and acquisitions (M&A) information and made more than 20 billion won ($14.7 million) in illicit gains.

The joint task force of the Financial Services Commission, Financial Supervisory Service and Korea Exchange (KRX) conducted raids at more than 20 locations, including the suspects' homes and workplaces, to secure evidence in the case.

The network allegedly involved more than five financial industry officials who attended Seoul National University and later worked at different asset management firms, private equity firms and listed companies, according to authorities.

The task force said it had been investigating the case for about two years, expanding the scope of its probe through tracing funds, analyzing transactions and examining the suspects' personal connections.

"The suspects did not gain access to the information as insiders at listed companies. Rather, they obtained it through their work on M&A deals involving the companies," an official at the joint task force said during a briefing in Seoul.

The official said the case was particularly serious because the suspected network repeatedly shared undisclosed information over an extended period, rather than involving a one-time violation by an individual.

"The information came from professionals who were bound by strict confidentiality obligations in the course of their M&A-related work and was passed on to family members and acquaintances," he said.

The suspects allegedly shared undisclosed information on multiple listed companies and used it to trade shares before the information became public.

They also allegedly passed the information to family members and acquaintances, who bought shares before the information was disclosed and sold them after stock prices rose. The suspects and those around them are believed to have made more than 20 billion won through the trades, the authorities said.

The information involved corporate governance changes, including tender offers and other M&A transactions that could significantly affect stock prices once announced.

The KRX initially detected suspicious trading patterns through its market surveillance system. The task force later combined several cases involving the same suspects and launched a joint investigation in May.

Authorities said the investigation is ongoing, and they plan to analyze evidence obtained through the raids before taking further action, including possible criminal complaints and fines of up to twice the illicit gains.

"We will continue to track down illegal insider trading involving undisclosed information and recover illicit gains," the official said.

韩国金融监管部门周二表示，他们破获了一个涉嫌内幕交易的网络，该网络涉及首尔国立大学一家商业俱乐部的成员和校友。该团伙涉嫌泄露未公开的并购信息，非法获利超过200亿韩元。联合调查组突击搜查了20多个地点，调查仍在进行中。

联合工作组表示，他们突击搜查了 20 多个地点，包括嫌疑人的住所和工作场所，以获取证据。

当局表示，该犯罪网络涉及五名以上金融行业官员，他们都毕业于首尔国立大学，后来在资产管理公司、私募股权公司和上市公司工作。

专案组表示，他们已经调查此案约两年，追踪资金流向，分析交易，并调查个人关系。

该信息涉及公司治理变更，包括要约收购和其他并购交易，这些交易一旦公布，可能会对股价产生重大影响。

当局表示，他们计划在采取进一步行动之前审查突袭行动中获得的证据，包括可能提出刑事指控和处以最高可达非法所得两倍的罚款。

发布于2026年9月29日下午3:30（韩国标准时间）

韩国金融监督院副院长兼打击操纵股价联合工作组组长黄善五周二在首尔汝矣岛韩国交易所举行的新闻发布会上发表讲话。

金融当局周二表示，他们发现了一个涉嫌内幕交易的网络，该网络涉及首尔国立大学（SNU）一个商业俱乐部的成员和校友，他们分享了未公开的并购信息，并从中非法获利超过 200 亿韩元（1470 万美元）。

由金融服务委员会、金融监督院和韩国交易所（KRX）组成的联合工作组对包括嫌疑人住所和工作场所在内的 20 多个地点进行了突击搜查，以获取案件证据。

据有关部门称，该犯罪网络涉嫌涉及五名以上金融行业官员，他们毕业于首尔国立大学，后来在不同的资产管理公司、私募股权公司和上市公司工作。

专案组表示，他们已经调查此案约两年，通过追踪资金、分析交易和调查嫌疑人的个人关系，扩大了调查范围。

“嫌疑人并非以上市公司内部人士的身份获取这些信息，而是通过在涉及这些公司的并购交易中工作而获得这些信息，”联合专案组一名官员在首尔举行的新闻发布会上表示。

该官员表示，此案尤其严重，因为涉案网络在较长时间内反复泄露未公开信息，而不是个人一次性违规行为。

他说：“这些信息来自在并购相关工作中受到严格保密义务约束的专业人士，并被传递给了家庭成员和熟人。”

据称，嫌疑人泄露了多家上市公司的未公开信息，并在信息公开前利用这些信息进行股票交易。

据称，他们还将信息透露给了家人和熟人，这些人事先在信息披露前买入股票，并在股价上涨后卖出。当局表示，嫌疑人及其同伙通过这些交易获利超过200亿韩元。

这些信息涉及公司治理变更，包括要约收购和其他并购交易，一旦公布，可能会对股价产生重大影响。

韩国交易所最初通过其市场监控系统发现了可疑的交易模式。随后，专案组将涉及同一嫌疑人的几起案件合并，并于5月展开联合调查。

当局表示调查仍在进行中，他们计划分析突袭行动中获得的证据，然后再采取进一步行动，包括可能提出刑事指控和处以最高可达非法所得两倍的罚款。

“我们将继续追查涉及未披露信息的非法内幕交易，并追回非法所得，”该官员表示。