A Goldman Sachs vice president has reportedly been charged in a Manhattan court with securities fraud.
Bloomberg News reports that Steve Woojae Jung, a vice president at Goldman Sachs office in San Francisco, has been charged with securities fraud for using inside information about a dozen investment bank’s clients to gain more than US$140,000 from trades with a partner in South Korea.
“Jung tried to insulate himself by allegedly placing trades in the brokerage account of a friend who lived overseas,” said Joseph G. Sansone, Chief of the Securities and Exchange Commission’s Market Abuse Unit. “Like others before him, Jung’s alleged scheme failed when our data analysis uncovered the account’s suspicious trading pattern and, despite Jung’s attempts at evasion, traced the trading back to him.
Bloomberg reports Jung faces one count of conspiracy and six counts of securities fraud, according to records unsealed Thursday, May 31.
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