Financial watchdog conducts raids targeting journalist over alleged stock manipulation

The financial watchdog on Wednesday conducted raids targeting a journalist covering the agency over alleged stock manipulation.

The special investigation team at the Financial Supervisory Service (FSS) said it searched the home of a reporter for a local business news outlet and the journalist's desk in the watchdog's press room.

Sources said the FSS plans to send investigators to the outlet's headquarters as well.

The investigation comes amid allegations that the head of an entertainment company colluded with four journalists to publish articles promoting the company's stock, eventually gaining unlawful profits.

The FSS, meanwhile, has been investigating four stock manipulation cases involving current and former journalists since last year, with the latest case reportedly the only one yet to be referred to prosecutors.

Yonhap