Goldman Sachs Vice President Charged With Insider Trading
Reuters is reporting that federal prosecutors charged a vice president at Goldman Sachs Group Inc. on Thursday with insider trading by illegally using non-public information about several companies that were clients of the investment bank.
Woojae “Steve” Jung, a 37-year-old Korean citizen, is charged with trading illegally on confidential information relating to upcoming transactions and merger negotiations that he was privy to through his job. Reporter Brendan Pierson writes that Jung made more than $130,000 through the scheme.
Prosecutors said Jung conducted his trades through a brokerage account in the name of a friend living in South Korea. The brokerage account was accessed from internet addresses that were traced to Jung, according to the U.S. Securities and Exchange Commission.
