South Korean financial authorities searched more than 20 homes and workplaces in an alleged insider-trading network involving finance professionals connected through a Seoul National University management consulting club and a global consulting firm. The joint task force said about five core suspects obtained favorable undisclosed information on five stocks through their work at private equity fund managers and listed companies, including on merger-and-acquisition transactions such as tender offers. They allegedly shared the information among themselves and with relatives and acquaintances, buying shares before disclosures and selling after prices rose. Authorities put total alleged illicit gains at more than 20 billion won ($14 million). The Securities and Futures Commission froze payments from brokerage accounts holding the suspected proceeds, while investigators review evidence seized in the searches. The task force plans follow-up measures, including referrals to prosecutors and fines of up to twice the illicit gains, after completing its additional investigation.