There have been rumors that a teen idol is being investigated for stock manipulation. However, the identify of the star has remained a secret until now. Korean media have reported that the idol being investigated is CNBlue's Yong Hwa.
Previous reports stated that popular entertainment agency FNC Entertainment is under investigation for stock manipulation one of the top artists signed to the company is also involved in the case.
Speculations that the idol in question is Yong Hwa started to circulate after the Dispatch news outlet released some specific details about the star involved in the case. Many claim that the clues point to Yong Hwa.
Yong Hwa is being accused of of using insider information to earn profit. Yong allegedly invested almost half a billion Won ($860,000) and purchased stocks of FNC Entertainment. The purchase is said to have happened after Yong Hwa received information that top Korean host Yoo Jae Suk will be signing up with FNC Entertainment. Stock manipulation is a very serious crime. If found guilty, Yong may face up to ten years in jail.
Yong Hwa was summoned by the prosecutor's office on Tuesday, June 28. Investigators are currently trying to determine the exact time that the singer learned the information which made him decide to buy stocks in FNC.
FNC Entertainment has declined to comment on the case.
