Five people, including three former Netflix employees, used confidential subscriber growth information to illegally trade in Netflix stock, netting $3.1 million, according to a Securities and Excha…
Sung Mo “Jay” Jun, 49, of Bellevue, Wash., and three others have also been criminally charged in federal court in Seattle with three counts of insider trading. All four have agreed to plead guilty.
Jun worked as a software engineer at the company from 2013 to 2017. According to the SEC complaint, he tipped off his brother, Joon Mo Jun, and a close friend, Junwoo Chon, about the company’s subscriber growth numbers in advance of Netflix’s quarterly earnings announcements. Also charged was Ayden Lee, 33, of San Jose, who worked as a software engineer at Netflix from 2016 to February 2021, and who considered Sung Mo Jun to be a mentor at the company. The complaint alleges that after Sung Mo Jun left the company in 2017, he repeatedly asked Lee to provide him with confidential subscriber numbers. Lee did so through 2019, according to the complaint.
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