3 Former Netflix Software Engineers Charged in $3 Million Insider Trading Scheme
The 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.