On May 31, SEC charged Goldman banker in insider trading scheme.
- SEC charged Woojae Steve Jung, VP at major investment bank with insider trading.
Allegations
- Repeatedly used access to confidential information for illicit and profitable trades.
- Information obtained as investment banker on material events for 12 companies.
- Proceeded to trading companies' securities from 2015 - 2017, through account of
friend in South Korea made $140k in illicit profits, evaded pre-clearing of trades. - Suspicious trading pattern in friend's brokerage account led back to tracing Jung.
Court Case
- SEC charged Jung with fraud, seeks disgorgement of ill-gotten gains, and interest.
- DoJ in SDNY, unsealed criminal charges against Jung parallel criminal proceedings.
- Friend in Korea as alleged co-conspirator, relief defendant, to disgorge illicit gains.
Dec. 2018 DoJ Conviction
- On Dec. 19, 2018, DoJ said Jung plead guilty in court to charges re insider trading.
Jun. 2019 DoJ Sentencing
- On Jun. 10, 2019, DoJ said ex-bank employee Jung sentenced for insider trading.
- Sentenced to three months in prison, pay a $30,000 fine, and to forfeit $130,000.
