3 Former Netflix Software Engineers Charged in $3 Million Insider Trading Scheme
thewrap.comThe SEC on Wednesday charged three former Netflix software engineers and two of their close associates with insider trading in a scheme that netted the group more than $3 million in profits.According to the SEC’s complaint, the group violated antifraud provisions by trading on confidential information about Netflix’s subscriber growth.The complaint, filed in federal court in Seattle, said Sung Mo “Jay” Jun was at the center of the long-running scheme to illegally trade on non-public information concerning the growth in Netflix’s subscriber base.
The complaint alleged that Sung Mo Jun, while employed at Netflix in 2016 and 2017, repeatedly tipped this information to his brother, Joon Jun, and his close friend Junwoo Chon, who both used it to.
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