SEC GS Banker Insider Trading

On May 31, SEC charged Goldman banker in insider trading scheme.

  • SEC charged Woojae Steve Jung, VP at major investment bank with insider trading.


  • 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.