KB Kookmin Bank employee who pocketed 5 billion won in undisclosed information was sentenced to prison and fined '17 billion won'

An employee of KB Kookmin Bank, who earned about 5 billion won using undisclosed information he learned while working, was sentenced to prison and fined.

The Seoul Southern District Court sentenced a 49-year-old man, identified only by his surname Cho, to three and a half years in prison and fined him 17 billion won and ordered a fine of 4.97 billion won.

The court said that using undisclosed material information and providing it to others directly violates the fairness of the capital market, and pointed out that Cho repeatedly pocketed unfair gains over a considerable period of time.

He explained that the amount of the fine was set at about three times the profits obtained unfairly.Mr.

was arrested and charged with pocketing 4.974 billion won from August 2021 to February last year, including the purchase of 61 stocks using undisclosed information related to the planned free capital increase of listed companies.

During the same period, he was also charged with earning 680 million won in unfair profits by delivering undisclosed information to two acquaintances.