Five people, including three former Netflix employees, used confidential subscriber growth information to illegally trade in Netflix stock, netting $3.1 million, according to a Securities and Exchange Commission complaint filed on Wednesday.
Sung Mo “Jay” Jun, 49, of Bellevue, Wash., and three others have also been criminally charged in federal court in Seattle with three counts of insider trading. All four have agreed to plead guilty.
Each of the four defendants, as well as a fifth person, were charged with civil counts of insider trading by the Securities and Exchange Commission. All five have likewise waived their right to a trial and agreed to a civil judgment, with the penalties to be determined by the court.
Jun worked as a software engineer at the company from 2013 to 2017. According to the SEC complaint, he tipped off his brother, Joon Mo Jun, and a close friend, Junwoo Chon, about the company’s subscriber growth...
Sung Mo “Jay” Jun, 49, of Bellevue, Wash., and three others have also been criminally charged in federal court in Seattle with three counts of insider trading. All four have agreed to plead guilty.
Each of the four defendants, as well as a fifth person, were charged with civil counts of insider trading by the Securities and Exchange Commission. All five have likewise waived their right to a trial and agreed to a civil judgment, with the penalties to be determined by the court.
Jun worked as a software engineer at the company from 2013 to 2017. According to the SEC complaint, he tipped off his brother, Joon Mo Jun, and a close friend, Junwoo Chon, about the company’s subscriber growth...
- 8/18/2021
- by Gene Maddaus
- Variety Film + TV
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