Their roles in an insider buying and selling ring illegally generated greater than $3 million, US legal professional Nick Brown stated.
“For individuals within the high-tech trade, they’ll clearly know that there are penalties — together with jail time — for this exercise,” US District Decide Richard A. Jones stated.
Insider buying and selling is the shopping for or promoting of an organization’s securities with data not accessible to the general public. It’s unlawful in the USA.
Brown, the US legal professional, stated in a press launch each males had been financially safe and had well-paying jobs, however “greed drove them to interrupt the legislation to extend their very own wealth.”
In line with case information, Jun labored at Netflix from July 2016 to February 2017, throughout which period he shared confidential subscriber knowledge along with his brother, Joon Jun, and with Chon.
After leaving Netflix, Sung Mo Jun continued sharing data and started making trades himself utilizing knowledge obtained from one other Netflix software program engineer, Ayden Lee, case information confirmed.
Jun is forfeiting $495,188 to the US authorities and Chon is forfeiting $1,582,885. Each should full 50 hours of group service and will probably be on one yr of supervised launch after they’re launched from jail.
“What I did was silly, flawed, unlawful…. I’ve no excuse. I upset many individuals,” Sung Mo Jun advised the court docket at his sentencing.
The opposite two conspirators, Joon Jun and Lee, will probably be sentenced subsequent yr.
