 |
View of Daishin Securities headquarters building (photo = Daishin Securities). |
[Alpha Biz= Reporter Kim Jisun] Daishin Securities, which was sentenced to a fine of 200 million won in the first trial for the fund's responsibility for incomplete sales management in connection with the suspension of the redemption of Lime Asset Management (Lime), was reduced by an appeals court.
The Criminal Affairs Department 2-2 (presiding judges Kim Ji-sook, Kim Sung-won and Lee Jung-kwon) at the Seoul Southern District Court on the 30th overturned the original ruling that handed down a fine of 200 million won on the sentencing date of Daishin Securities, which was accused of violating the Capital Market and Financial Investment Business Act.
Daishin Securities was put on trial in January 2021 by its former head of Banpo WM's center, Jang, on charges of hiding fund returns and possible losses and having investors join 250 billion won worth of Lime-related funds.
Jang, former head of the center, was previously found guilty of fraudulent transactions and was sentenced to two years in prison and fined 200 million won by an appeals court.
Meanwhile, the Lime scandal was triggered by allegations that Lime Asset Management was illegally trading convertible bonds (CB) of listed companies on the KOSDAQ market in July 2019.
As suspicions flared up, stock prices in Lime Fund plunged, causing some 1.67 trillion won worth of fund repurchases to cease, causing investors to suffer ．
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
