Woori Investment & Securities has launched an internal investigation into one of its senior traders, as the U.S. Commodity Futures Trading Commission (CFTC) charged him of illicit futures trading.The firm said Song Kuen-cheol, director at Woori Absolute Partners, was relieved from duty as the CFTC informed the firm of his alleged illegal trades, which earned him more than $348,000.
Woori opened the $100-million hedge fund operation in Singapore in May 2008, with Song taking charge of the management of bond and other non-equity assets.
The commission also said Song is a Singaporean citizen. Woori says he is currently in Singapore, but didn’t confirm whether he holds a Korean citizenship as well. Full Story
