A former Netflix software engineer and his friend were sentenced to imprisonment for an insider trading scheme on Friday.
Sung Mo Jun and Junwoo Chon have earned over $ 3 million using private Netflix subscriber data.
Another Netflix software engineer and Jun’s brother were also involved and pleaded guilty.
Former Netflix software engineer and his friends Insider trading scheme Earned over $ 3 million using private subscriber data.
Former Netflix employee Sung Mo Jun scheme, His friend Junwoo Chon was sentenced to two years in prison while sentenced to 14 months in prison on Friday. According to the Seattle Federal Prosecutor.. Jun and Chung were fined a total of $ 25,000 for their crimes.
“Insider trading undermines our capital markets, damages companies by misusing sensitive information, and investors lose confidence in the fairness of the system,” said the special investigator in charge of the case. Donald M. Boiret said in a statement. “The behavior of this trusted employee and his friends has been calculated and continued to make huge profits.”
When Jun was a Netflix software engineer, he provided private Netflix subscriber data to Chon and his brother, Joon Jun, and profited from buying and selling Netflix securities based on that information.
After Jun left Netflix in 2017, another engineer he coached at the company, Ayden Lee, continued to provide him with personal subscriber information, according to court documents. Junjun and Lee are planning a decision next year.
“What I did was stupid, wrong, and illegal … I can’t make excuses,” Jun told the court, according to a press release. “I have disappointed many.”
In a statement, US lawyer Nick Brown said the individuals involved were greedy and motivated and needed to face the consequences.
“Jun and Chung are both financially with good jobs and good salaries when greed drives them to break the law to increase their wealth at the expense of others,” Brown said in a statement. It was safe. ” “Such an act is unacceptable.”
US Securities and Exchange Commission Filed another civil enforcement proceeding Against the defendant. Jun and Chon have signed a settlement with the SEC, but both men still face additional potential penalties.
“For people in the tech industry, they will clearly know that this activity has consequences, including prison time,” Judge Richard Jones, who presided over the case, said at a news conference.
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