Former Netflix engineer and accomplice sentenced to prison for insider trading
Their roles in an insider trading ring illegally generated more than $ 3 million, said U.S. Attorney Nick Brown.
“For people in the high-tech industry, they clearly want to know that there are consequences – including imprisonment – for this activity,” said U.S. District Judge Richard A. Jones.
Insider trading is the purchase or sale of a company̵[ads1]7;s securities with information that is not available to the public. It’s illegal in the United States.
Brown, the American lawyer, said in a press release that both men were financially secure and had well-paid jobs, but “greed drove them to break the law to increase their own wealth.”
According to case records, Jun worked on Netflix from July 2016 to February 2017, during which time he shared confidential subscriber data with his brother, Joon Jun, and with Chon.
After leaving Netflix, Sung Mo Jun continued to share information and began trading himself using data received from another Netflix software engineer, Ayden Lee, showed case records.
Jun loses $ 495,188 to the US government and Chon loses $ 1,582,885. Both must complete 50 hours of community service and will have one year of supervised release after being released from prison.
“What I did was foolish, wrong, illegal … I have no excuse. I disappointed many people,” Sung Mo Jun told the court at sentencing.
The other two conspirators, Joon Jun and Lee, will be convicted next year.
