Former Netflix engineers charged with insider trading
The Securities and Exchange Commission (SEC) has charged three former Netflix engineers with being part of a “long-running” insider trading scheme, the agency announced. The engineers and two close associates allegedly traded on confidential information about Netflix’s subscriber growth, generating more than $3 million in total profit.
According to the SEC complaint, while employed at Netflix in 2016 and 2017, Sung Mo “Jay” Jun tipped information about the streaming giant’s subscribers to his brother Joon Mo Jun and friend Junwoo Chon, who used the info to trade ahead of Netflix earnings announcements. After Sung Mo Jun left Netflix in 2017, the SEC alleges, he continued to get confidential information about the company’s subscriber…