Latest news with #SeoulSouthernDistrictCourt
Hindustan Times
a day ago
- Entertainment
- Hindustan Times
BTS parent company HYBE rocked by insider scandal as 3 employees jailed for leaking enlistment news
The post-enlistment buzz around BTS has taken a serious turn and this time, it's not on stage, but in court. HYBE, the powerhouse behind the global supergroup, is facing internal tremors after three of its former and current employees were caught leaking confidential information tied to BTS's military enlistment. BTS members On Tuesday, the Seoul Southern District Court sentenced three individuals for insider trading, stating they had violated the Financial Investment Services and Capital Markets Act. These employees reportedly used sensitive, non-public information about BTS's enlistment schedule to offload their HYBE shares — right before the company's stock tanked. The court revealed that HYBE announced on YouTube (June 14, 2022) that BTS would pause group activities due to Jin's enlistment. The next day, the company's stock plummeted nearly 25%. Kim, a 37-year-old employee at Source Music, received a 10-month prison sentence, suspended for two years, along with a hefty fine of ₩231 million ( ₹1.45 crore). Former BigHit employee Lee, 33, and a 41-year-old from Belift Lab, were also fined and given suspended sentences. The court didn't mince words: 'An artist's actions have a significant impact on revenue in an entertainment company, so whether they continue or suspend activities is a highly sensitive matter.' It further emphasised the damage, calling it 'a serious crime that compromises the fairness of the capital market'. In addition to the fines, the employees have also been ordered to repay the profits they gained or, more accurately, the losses they avoided. As for now, BTS is back in action, sort of. The members (excluding Jin, who's now on a solo world tour) are in Los Angeles for a creative boot camp, gearing up for a 2026 group album. Jungkook is reportedly plotting a solo tour and keeps ARMY entertained on live, while Hobi just wowed fans at Lollapalooza Berlin 2025.
News18
a day ago
- Business
- News18
Three HYBE Employees Jailed For Insider Trading Linked To BTS Enlistment: Report
Last Updated: Three HYBE employees were sentenced for insider trading related to BTS's enlistment. The Seoul Southern District Court imposed fines and suspended prison sentences. Three employees associated with HYBE Corporation have been sentenced for insider trading related to confidential information about BTS's military enlistment. The Seoul Southern District Court delivered its verdict on Tuesday, imposing fines and suspended prison sentences on the individuals for violating the Financial Investment Services and Capital Markets Act. Kim, a 37-year-old employee from HYBE's subsidiary Source Music, was handed a 10-month prison sentence, suspended for two years. He was also fined 231 million won (approximately Rs 1.45 crore). Former employees Lee, 33, from BigHit Music, and another 41-year-old from Belift Lab received six-month suspended jail terms and fines of 51 million won and 65 million won, respectively. The court found that the employees had used non-public information about BTS's enlistment to avoid financial losses by selling their HYBE shares before the official announcement. The firm revealed in a YouTube video on June 14, 2022, that BTS would be halting group activities due to member Jin's military service. This news caused HYBE's stock to plummet by 24.78% the following day. According to the court, 'An artist's actions have a significant impact on revenue in an entertainment company, so whether they continue or suspend activities is a highly sensitive matter." It added, 'This offence deserves strong social condemnation as it is a serious crime that compromises the fairness of the capital market." In addition to the fines, the court also ordered the confiscation of the amount equivalent to the financial losses the employees avoided through their actions. Meanwhile, BTS has resumed group preparations and is currently undergoing a two-month creative boot camp in the United States. The band is expected to release a new album in the spring of 2026. All members, except Jin—who is on a solo world tour—are in Los Angeles. Jungkook is reportedly planning a solo tour as well, and V recently performed at Lollapalooza Berlin 2025, where he gave a heartfelt shoutout to Jimin for his unwavering support. First Published: July 23, 2025, 16:19 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 days ago
- Business
- Time of India
HYBE employees sentenced to prison for insider trading ahead of BTS enlistment; fined up to 231 MILLION
In an ongoing legal dispute, multiple former employees of HYBE's subsidiary labels have been sentenced to 'suspended prison terms' for illegal insider trading linked to BTS's military enlistment. Tired of too many ads? go ad free now The Seoul Southern District Court found three individuals guilty of violating South Korea's Capital Markets Act after they used confidential information to sell company shares ahead of BTS's hiatus announcement in 2022, states a report on Koreaboo. Prison Sentence and Fines Kim (37), formerly with Source Music, received a 10-month prison sentence, suspended for two years and was fined KWR 231 million (approximately $167,000). Two others employees, Lee of BIGHIT MUSIC and another Kim from BeLift Lab were sentenced to six months in prison, also suspended for two years. Lee was fined KWR 51 million ($47,000). Court's Statement According to court findings, the three were ordered to forfeit the financial gains made from the illicit trades as they acted on non-public knowledge of the group's hiatus. The three reportedly had knowledge of a pre-recorded video announcing BTS's temporary hiatus due to member Jin's impending military service. The video was released on June 14, 2022. The employees sold their HYBE shares, collectively avoiding losses of over KRW 230 million, with HYBE's stock value plummeting by 24.78% the day after the announcement. According to reports, the court stated, "The decision to pause group activities is extremely sensitive information." It added, "This crime undermines the fairness of the capital market and warrants strong public condemnation.' Sale of BTS' Flight Details In a separate but related development, an airline crew member was indicted for allegedly selling BTS members' flight information to brokers. According to a statement by HYBE on Tuesday, the Seoul Metropolitan Police Agency's cybercrime unit apprehended three suspects, including an airline employee over accusations of breaching the Personal Information Protection Act by leaking sensitive travel details of BTS and other celebrities in exchange for millions. Tired of too many ads? go ad free now Authorities traced the suspects' financial transactions and confirmed their operations which involved brokers selling data to fans through social media platforms and chat rooms. HYBE, which launched a special task force in September 2023 to combat such breaches, said in a statement, "We will respond firmly and hold those responsible fully accountable, with zero tolerance and without offering any settlements or leniency, for the criminal act of commercializing and trading artists' personal information."
Time of India
2 days ago
- Entertainment
- Time of India
BTS military hiatus linked to HYBE insider trading case, staff from Source Music, BigHit, Belift Lab get suspended sentences
In a stunning turn of events, BTS' mandatory military enlistment - which sent shockwaves through fans and markets alike in 2022 - has now led to insider trading convictions within their own company. While all seven members - Jin, SUGA, J-Hope, RM, Jimin, V, and Jung Kook - reunited in June 2025 after completing their duties, this news of HYBE insider trading related to their hiatus has hit fans hard. Three employees from HYBE and its affiliated labels have been sentenced for using confidential information about the group's hiatus to sell company stock before the news became public. On July 22 KST, the Seoul Southern District Court's Criminal Division 13 (Presiding Judge Kim Sang Yeon) handed down suspended prison sentences to three individuals who sold HYBE shares just before BTS revealed their break from group activities due to enlistment, beginning with the eldest member, Jin. HYBE insider trading case Among those convicted was a Source Music employee, Mr. Kim (37), who received a 10-month prison sentence, suspended for two years, along with a hefty fine of 231 million KRW (approx. $167,000 USD). Former BigHit Music employee Mr. Lee (33) and former Belift Lab staffer Mr. Kim (41) were each sentenced to six months in prison, also suspended for two years, with fines of 51 million and 65 million KRW, respectively. The insider trades occurred just ahead of BTS' bombshell June 14, 2022 announcement video, where the group confirmed a temporary hiatus as all seven members prepared to serve in South Korea's military. Following the video, HYBE's stock plummeted nearly 25% — its worst single-day fall on record. The court's verdict The court didn't mince words: "In the entertainment industry, an artist's group activity directly impacts company revenue. The suspension of BTS's activities was highly sensitive, material information." The judge added, "This crime gravely undermines the integrity of capital markets and warrants strong condemnation from society." About BTS The group, upon reuniting, has traveled to the USA for a two-month boot camp to regroup and begin working on their upcoming album. According to the members, the new album is slated for release in spring 2026. Currently, all members - except Jin, who is on his solo world tour - are together in Los Angeles. Rumours are also circulating that Jungkook may soon embark on a solo tour of his own. For all the latest K-drama, K-pop, and Hallyuwood updates, keep following our coverage here.
Korea Herald
06-04-2025
- Korea Herald
Man jailed for 5 years for stabbing fraud suspect in court
A 51-year-old man surnamed Kang who stabbed a defendant on trial for cryptocurrency fraud has been sentenced to five years in prison. Seoul Southern District Court on Friday found Kang guilty of attempted murder, saying that his actions severely damaged the people's faith in the judicial system. "Under no circumstances can an act of vigilantism, which could unjustly infringe upon an individual's rights, be permitted," the court said in its ruling. Kang claimed that he had not been of sound mind when he committed the attack, which the court dismissed. Article 10 of the Criminal Act states that one who is mentally unfit to make discriminations or control themselves -- including temporary impairment such as intoxication -- is not to be punished. The attack occurred during the eighth hearing for the head of a local cryptocurrency investment firm accused of illegally swindling some 1.39 trillion won ($951 million) from its clients. The company's management is on trial without physical detention after being released on bail in July 2024. Kang was one of the victims of the large-scale fraud; he was found to have lost around 100 bitcoins because of the company. The court said it took into account the fact that Kang suffered a significant loss of his investment, the mental pain from which appeared to have influenced the crime.
