Home News FNC Entertainment has denied allegations that the agency has benefited from stock...

FNC Entertainment has denied allegations that the agency has benefited from stock market manipulation or insider trading

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On June 23, a rep from the level stated, “The stock market manipulation allegations are false. We’ll aggressively cooperate with the prosecutor’s investigation. The deals in stocks made last July have been deemed as a normal exchange. The issue is unrelated to stock manipulation.” The rep added, “The situation is not due to the agency, but rather from a person related to the label who made a personal stock deal.”

It’s reported that a financial investigation team has searched the homes of celebrity A, housed under FNC Entertainment, and his friend, the agency building, and other locations. Allegedly, A engaged in insider trading as he knew when the label would sign other celebrities and bought stocks to make a profit before the news went public.

Reports say A and his friend allegedly earned 200 million Won (~$175,000 USD) through insider trading last July when they learned Yoo Jae Suk would be recruited by FNC and bought stocks accordingly.