Financial authorities said Tuesday they had uncovered an alleged insider trading network involving members and alumni of a business club at Seoul National University (SNU) who shared undisclosed mergers and acquisitions (M&A) information and made more than 20 billion won ($14.7 million) in illicit gains. The joint task force of the Financial Services Commission, Financial Supervisory Service and Korea Exchange (KRX) conducted raids at more than 20 locations, including the suspects' homes and workplaces, to secure evidence in the case. The network allegedly involved more than five financial industry officials who attended Seoul National University and later worked at different asset management firms, private equity firms and listed companies, according to authorities. The task force said it had been investigating the case for about two years, expanding the scope of its probe through tracing funds, analyzing transactions and examining the suspects' personal connections. "The suspects did not gain access to the information as insiders at listed companies. Rather, they obtained it through th