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A large number of journalists have been sent to trial for purchasing stocks in advance before publishing positive news articles, and then selling them off for billions of won in illicit profits once the stock prices rose. The number of articles distributed in this manner exceeds 2,000.
Here is the report from reporter Kim Gyu-ri.
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This is an article that was published online around lunchtime on May 3, the year before last.
The title of the article uses the expression “featured stock.”
It mentioned specific stock items and contained content leading to expectations of a rise in stock prices. In fact, after the article was published, buying pressure noticeably increased on the chart for that stock, driving up the price.
Articles related to so-called “featured stocks,” where stock prices or trading volumes move differently than usual, are also exposed on securities firms’ trading systems, influencing investment decisions.
The Seoul Southern District Prosecutors Office has brought a group of stock manipulators, including journalists who exploited these characteristics to engage in front-running, to trial.
They purchased the stocks in advance before the articles were published and sold them afterward to reap market profits.
Authorities apprehended eight individuals, including a representative of a quasi-investment advisory firm with an accounting background, A, who planned the crime, and journalists. Four individuals, including A, were indicted and detained.
[Kim Tae-gyum / Head of Financial Investigation Division 2, Seoul Southern District Prosecutors Office: The crime period lasted for a total of 4 years and 8 months, yielding a combined illicit profit of approximately 8.355 billion won….]
It was revealed that A handed over as much as 160 million won to individual journalists as compensation for publishing the articles, and some journalists also pocketed illegal gains through individual front-running.
The total number of articles published in this manner amounts to approximately 1,800.
[Seo Hyeon-jae / Director of the Capital Markets Special Judicial Police Bureau, Financial Supervisory Service: For them, the article titles were not merely a part of the news, but the primary instrument of their crime.]
Separately from this group, a reporter from an economic daily newspaper was also indicted and detained on charges of writing 340 positive articles over a period of about two years and pocketing 740 million won in illicit profits through front-running.
(Camera Reporter: Choi Dae-woong | Video Editor: Lee Sang-min | Designer: Jang Chae-woo)
※ Please note: This article was translated by AI and may contain errors.
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