(HedgeCo.Net) The Securities and Exchange Commission has charged an employee of a prominent investment bank with repeatedly using his access to highly confidential information in order to place illicit and profitable trades in advance of deals on which the bank was providing investment banking advisory services.<\/p>\n
According to the SEC\u2019s complaint, Woojae \u201cSteve\u201d Jung, a Vice President of Investment Banking who worked in the bank\u2019s San Francisco and New York offices, used sensitive client information in order to trade in the securities of 12 different companies prior to the announcement of market-moving events. The SEC alleges that between 2015 and 2017, Jung used an account held in the name of a friend living in South Korea to place these illegal trades and generate profits of approximately $140,000. As alleged in the complaint, by using his friend\u2019s brokerage account, Jung attempted to evade detection by skirting his employer\u2019s requirements that he pre-clear his trades and that he use an approved brokerage firm that would have reported the trading to his employer.<\/p>\n
\u201cJung tried to insulate himself by allegedly placing trades in the brokerage account of a friend who lived overseas,\u201d said Joseph G. Sansone, Chief of the SEC\u2019s Market Abuse Unit. \u201cLike others before him, Jung\u2019s alleged scheme failed when our data analysis uncovered the account\u2019s suspicious trading pattern and, despite Jung\u2019s attempts at evasion, traced the trading back to him.\u201d <\/p>\n
The SEC\u2019s complaint, filed in federal district court in Manhattan, charges Jung with fraud and seeks disgorgement of allegedly ill-gotten gains, pre-judgment interest, penalties, and injunctive relief. The complaint also names Jung\u2019s friend, Sungrok Hwang, as a relief defendant to have him disgorge illicit gains that Jung generated by trading in his brokerage account. The U.S. Attorney\u2019s Office for the Southern District of New York today unsealed criminal charges against Jung.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) The Securities and Exchange Commission has charged an employee of a prominent investment bank with repeatedly using his access to highly confidential information in order to place illicit and profitable trades in advance of deals on which the bank […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-63998","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/63998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=63998"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/63998\/revisions"}],"predecessor-version":[{"id":63999,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/63998\/revisions\/63999"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=63998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=63998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=63998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}