Goldman Sachs vice president charged with insider trading
By Brandon Pierson
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.
Prosecutors said Woojae “Steve” Jung, a 37-year-old Korean citizen, made more than $130,000 by trading illegally on confidential information relating to upcoming transactions and merger negotiations that he was privy to through his job.
Authorities said Jung, who joined Goldman in 2012 and worked in San Francisco, 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.
“Woojae Jung violated his duty to his company and traded on stolen insider information, over and over again,” U.S. Attorney Geoffrey Berman in Manhattan said in a statement.
Christopher Steskal, a lawyer for Jung, declined to comment.
A Goldman representative said the company had placed Jung on leave.
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