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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInProsecutors Seeking Arrest Warrant for Terraform Labs’ Daniel Shin: Yonhap
South Korean newswire service Yonhap is reporting that prosecutors are seeking an arrest warrant for Daniel Shin, co-founder of Terraform Labs. Yonhap says prosecutors are charging Shin with taking illegal profits as he sold $105 million of LUNA at a market high without informing investors. He’s also being charged with violating the Electronic Financial Transaction […]
Elsewhere in tweeting through it – Bloomberg
Do Kwon’s Twitter account remains really good? Kwon is the founder of Terra, the crypto blockchain that blew up in a stablecoin meltdown in May. He is now wanted by South Korean prosecutors, and depending on who you believe he is either “not on the run” (his view) or “obviously on the run” (prosecutors’ view). […]
S. Korean Prosecutors Request Eight Year Prison Sentence for Ex-Bithumb Chairman on $70M Fraud Charges
South Korean prosecutors have asked the court to sentence Lee Jung-hoon, the former chairman Bithumb Holdings, which operates South Korean crypto exchange Bithumb, to eight years in prison on $70 million fraud charges. The trial took place on October 25 and the verdict will be delivered on December 20, according to Yonhap. Lee is accused […]
Terra Co-Founder Do Kwon Faces Arrest Warrant in South Korea – Bloomberg
A court in South Korea issued an arrest warrant for Do Kwon, the founder of the Terraform Labs cryptocurrency ecosystem, whose implosion earlier this year sparked a global crypto rout. The court in Seoul issued a warrant for Do Kwon and five others on allegations that include violations of the nation’s capital markets law, according […]
South Korea Makes First Arrests in Major Crypto-Linked Inquiry – Bloomberg
South Korean prosecutors made their first arrests in a probe of $3.4 billion worth of foreign-exchange transactions for possible links to illegal cryptocurrency-related activities. Three people were held on allegations including setting up paper companies and operating a cryptocurrency trading business without registration, the Daegu District Prosecutors’ Office said in a text message on Thursday. […]
Terra Founder Shin’s Home Raided as Korea Widens TerraUSD Crypto Probe – Bloomberg
South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shin, deepening a probe into allegations of illegal activity behind the collapsed stablecoin TerraUSD. A series of raids on crypto-exchanges and offices on Wednesday also included Shin’s home and his payment app Chai Corp., the Seoul Southern District Prosecutors Office said via a text […]
South Korea: Donga Ilba CEO Probed for Insider Trading
In South Korea, Donga Ilbo CEO Kim Jae-ho and several senior staff members of the company are reportedly under investigation for illegal stock trading. Together, the illegal profits total about 5 billion won ($3.9 million), the Korea Times reports. The Korea Times reports that The Financial Supervisory Service (FSS) told the Seoul Central Prosecutors’ Office […]
South Korea: Class Rep. Named in First-Ever Class Action
In South Korea, the nation’s first-ever class action lawsuit is moving forward. Although the law enabling class action lawsuits took effect in January 2005, no such case had been filed until Seoul Invest did so in April 2009. On Wednesday, the Suwon District Court appointed Seoul Invest as the class representative in its class action […]
S. Korea: FSS Seeks Authority to Obtain E-Mail and Phone Records of Suspicious Traders
South Korea’s Financial Supervisory Service is seeking what appears to be the equivalent of subpoena power in the US so that it can crack down on stock market crimes such as insider trading. The FSS specifically wants the authority to monitor the e-mail of suspicious traders and to check their phone call history, the Korea […]
South Korea: Prosecutors Seek Arrest Warrant for Taekwang CEO for Insider Trading, Tax Evasion
South Korean prosecutors asked a local court on Thursday to issue a warrant for the arrest of Taekwang CEO Park Yeon-cha on charges of tax evasion and alleged insider trading in the sale of Sejong Securities to Nonghyup. The Korea Times reports that Park “allegedly purchased shares of Sejong Securities in 2005 before Nonghyup took […]