Former Netflix engineer and accomplice sentence to prison for insider trading

Her roles in an insider trading ring illegally grossed more than $ 3 million, US attorney Nick Brown said.

Sung Mo Jun, 49, was sentenced to two years in prison and fined $ 15,000. His 50-year-old co-conspirator, Junwoo Chon, was sentenced to 14 months in prison and fined $ 10,000. Both are from Bellevue, Washington, and pleaded guilty in August. CNN has reached out to Jun and Chon’s lawyers for comment.

“People in the high-tech industry clearly know that these activities have consequences – including jail time,” said US District Judge Richard A. Jones.

Insider trading is the buying or selling of a company’s securities with information that is not available to the public. It’s illegal in the US.

Brown, the US attorney, said in a press release that both men are financially secure and have well-paying jobs.

According to case files, Jun worked at Netflix from July 2016 to February 2017, during which time he shared sensitive subscriber information with his brother Joon Jun and Chon.

After leaving Netflix, Sung Mo Jun continued to share information and began doing business himself using data from another Netflix software engineer, Ayden Lee, according to case files.

Jun forfeited $ 495,188 to the U.S. government and Chon forfeited $ 1,582,885. Both are required to do 50 hours of community service and are released under custody for a year after they are released from prison.

“What I did was foolish, wrong, illegal … I have no excuse. I have disappointed many people,” Sung Mo Jun told the court when he was sentenced.

The other two conspirators, Joon Jun and Lee, will be convicted next year.

https://www.cnn.com/2021/12/04/business/netflix-insider-trading-sentence/index.html