Goldman Sachs Executive Charged with Insider Trading

A seven-count criminal complaint charged Woojae “Steve” Jung with securities fraud for using non-public information about a dozen of the investment bank’s clients with an unnamed co-conspirator to make over $140,000 between 2015 and 2017. Jung managed to obtain the non-public information through his regular work, as well as by accessing bank files and communicating with colleagues working on deals.

Although the complaint did not mention the bank by name, the only Financial Industry Regulatory (FINRA) record for the name of Woojae Jung listed Goldman Sachs as the employer. Research into a LinkdIn profile page for a Steve Woojae Jung indicates that he is a vice-president of Goldman Sachs.

"We are aware of the situation regarding Mr. Jung and are cooperating with legal authorities on the matter," Goldman said in a statement.

Jung, age 37, attempted to to cover his insider trading by purchasing securities using a brokerage account under the name of Sungrok Hwang, a friend living in South Korea, said the SEC. The SEC is currently seeking permanent injunction against Jung and return of the illegal money made by him and the co-conspirator

According to documents, Jung had accessed sensitive, market-moving information through the bank which involved potential restructuring or acquisition deals. Court documents mentioned that some of the stocks allegedly involved in the insider trading were WR Grace, Microsemi, SanDisk, and KLA-Tencor.

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