Prosecutors said Tuesday they have sought an arrest warrant for the head of embattled Tong Yang Group for fraud and malpractice in issuing and selling financial products. The 65-year-old Chairman Hyun Jae-hyun is accused of leading the issuance of fraudulent corporate bonds and commercial paper worth over 2 trillion won (US$1.86 billion) since around 2007 and deliberately filing for court receivership of its five affiliates last October, inflicting heavy losses on investors and firms.