A vice president at Goldman Sachs Group Inc. was charged with securities fraud for using inside information about a dozen of the investment bank’s clients to make more than $140,000 from illegal trades with a co-conspirator in South Korea.
Woojae “Steve" Jung, a Korean citizen working at Goldman Sachs’s San Francisco office, was charged with one count of conspiracy and six counts of securities fraud for running the scam from 2015 to 2017, according to records unsealed Thursday in federal court in Manhattan.
The bank didn’t immediately have a comment when reached by phone. Goldman Sachs isn’t identified in the complaint but Jung’s LinkedIn page says he’s worked at the bank since 2012 after graduating from Wharton Business School.
Jung, 37, tried to hide his connection to the trading by purchasing the securities in a brokerage account held in the name of a friend living in South Korea, according to a parallel suit filed by the U.S. Securities and Exchange Commission.
The trades allegedly involved New York-based software maker CA Inc., the Dutch technology firm NXP Semiconductors NV and FEI Co., a supplier of scientific instruments for nanoscale applications based in Hillsboro, Oregon, according to the complaint.
Jung got non-public information about business transactions involving the companies through his regular work, as well as by accessing the bank’s files and communicating with colleagues working on deals, the U.S. said.
140k is not worth years of probation, loss of significant comp, getting fired from GS, etc.
moron
What an idiot. FYI I think you have the wrong Bloomberg link, should be this one:
https://www.bloomberg.com/news/articles/2018-05-31/goldman-sachs-vice-p…
Thanks.
All that work to become a VP at GS only to throw it away for $140,000.
He probably didn't even use a margin account. SMH.
GS VP charged with Insider Trading (Originally Posted: 06/01/2018)
https://www.investopedia.com/partner/reuters/goldman-sachs-vice-preside…</a">Full Article on Investopedia
Isn't this an absolutely terrible risk/return ratio? Getting 130k for risking your career and facing jail time in a job that is offering a mid range 6 figure salary anyways. Kind of makes me wonder just how prevalent Insider Trading really is. What is your opinion on this?
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