DISCOVERY ASSET MANAGEMENT CEO ARRESTED

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Discovery Asset Management CEO Jang Ha-won was arrested. He is accused of selling potentially insolvent funds and causing damage to investors. The troubled investment firm began selling funds through banks and securities companies in 2017. However, investors have been unable to redeem and cash their investments worth over 250 billion won since the fund company’s U.S. branch was placed under court receivership in April, 2019.