BTS management company raided, founder under investigation as insider trading probe deepens
The company behind K-pop sensation BTS is facing serious trouble. Known for managing global acts like BTS, SEVENTEEN, and LE SSERAFIM, the firm is currently under investigation for insider trading.
Authorities recently carried out a planned raid on its headquarters to look into allegations that one of its officials made illegal profits from trading stocks using confidential information.
Prosecutors raid BTS' management company
According to The Korea Times, the Seoul Southern District Prosecutors' Office raided the headquarters of BTS' management company. The search was reportedly conducted as part of an investigation into an unnamed executive who is suspected of using insider information to make about 240 million KRW through stock trading.
Reports suggest this executive became aware that the company was planning to invest in another firm. After learning this, they allegedly bought shares in that company to benefit financially.
Company's founder also under investigation
Bang Si Hyuk, the founder and chairperson of the company, is also under investigation. He is being probed by the Financial Supervisory Service for suspected fraudulent activity.
According to reports, Bang Si Hyuk may have misled investors by providing false information about the company's value. He is also accused of keeping around 400 billion KRW for himself during the company's initial public offering (IPO) in 2020.
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