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[Alpha Biz=(Chicago) Reporter Paul Lee] Jang Ha-won, 63, CEO of Discovery Asset Management, has been indicted without physical detention on charges of pocketing 100 billion won in investment by falsely displaying information on fund insolvency in his investment proposal.
The joint investigation department on financial and securities crimes (Senior Prosecutor Ha Dong-woo) at the Seoul Southern District Prosecutors' Office said on the 14th that it has indicted Jang, a 43-year-old former head of Discovery Asset Management's investment division, and B, a 37-year-old former director, without physical detention on charges of fraudulent transactions under the Capital Market Act.
According to the prosecution, Jang and A are suspected of receiving 109 billion won worth of investment from 455 Discovery Fund investors by falsely labeling important matters related to the fund's insolvency from August 2018 to April 2019.
"Even if we invest in bad bonds, the losses are passed on only to financial investors, and CEO Jang and others continued to acquire profits according to the rate of investment," the prosecution said. "It is a matter that revealed that the moral hazard of financial investors is serious."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
