Home » Yonghwa cleared of insider trading accusations; Jonghyun fined

CNBLUE leader Yonghwa has been revealed to have been cleared of FNC Entertainment’s stock market manipulation accusations while co-member Jonghyun has been charged with a fine of 20 million won.

Previously, Yonghwa was investigated regarding accusations of insider trading. Later on, his fellow member Jonghyun was investigated as well.

According to the reports, at the time when the stocks were purchased the discussions about recruiting a top celebrity, rumored to be Yoo Jae Suk, has not yet begun and that Yonghwa had no knowledge about FNC Entertainment’s plans either.

During the investigations, it was revealed that Yonghwa had entrusted his mother with regards to his finances and that his mother purchased the stocks in question without Yonghwa’s knowledge.

After FNC Entertainment has signed the said top celebrity, it was then that Yonghwa sold some of their stocks.

Meanwhile, co-member Jonghyun heard from a friend on the morning of July 15, 2015, that FNC Entertainment would be recruiting a top celebrity. Jonghyun, who did not check the news if it was already reported or not, had purchased some stocks. But, when Jonghyun learned that the transaction might cause legal issues, he decided not to sell the stocks and hold onto them despite suffering losses.

The prosecution cleared Yonghwa of the accusations and granted Jonghyun a summary indictment. He is also charged with a fine of 20 million won (around $17,300).

 

Stay tuned for more updates on CNBLUE!

 

What are your thoughts on this issue?

Add a comment through the box below!