Across the globe this week, fangirls held their breath as one of the most popular groups in Kpop today, the boys of CNBlue, found themselves under fire for supposed insider trading that took place nearly a year ago. Their bandleader, Jung Yonghwa, and bassist, Lee Jong Hyun, were both under investigation for purchasing large sums of stock in their agency shortly before the agency signed a big name star. The investigation focused on the timing of the news to the CNBlue stars in relation to when they bought and sold the stock.
Yonghwa was pretty quickly cleared from all culpability as it was proven that his mother, who he has entrusted with his finances, purchased the stock without his knowledge. While he did sell a large chunk of the stock shortly after the big name celebrity was signed, he did so without knowledge that stock had been purchased at a reduced price before the signing.
Jong Hyun was not so innocent. Apparently, upon hearing his agency was going to hire someone noteworthy, he ran out and purchased a significant amount of stock without checking whether the news had been made public. Jong Hyun quickly realized the error of his ways, and subsequently did not sell the stock. This means that he has not actually made a tangible profit to date, but that’s not stopping the Korean government and fans from making him pay for his mistakes. While he doesn’t have to serve jail time, Jong Hyun will be paying an almost $20,000 fine. His publicity tour for his solo album is also being suspended in Korea, though he will keep his plans to tour in Japan. Let’s hope that he and CNBlue can still make KCONLA 2016 since more than a few fans shelled out big bucks to see the boys.