The logo of Daishin Securities is displayed at the brokerage’s headquarters in central Seoul. Yonhap

Prosecutors raided the Seoul office of local brokerage Daishin Securities on Tuesday over suspicions that a company executive may have been involved in a stock price manipulation case, sources said.

The joint investigation team on financial and securities crimes at the Seoul Southern District Prosecutors Office carried out a search-and-seizure operation at the headquarters of Daishin Securities in central Seoul, according to the sources.

A high-ranking official from the brokerage is suspected of having colluded with a price-rigging ring to manipulate the stock price of a company listed on the smaller KOSDAQ early last year, they said.