Former Netflix engineer sentenced to 2 years in prison for insider trading – The Hollywood Reporter
A former Netflix engineer was sentenced to two years in prison and fined $ 15,000 for his role in leading an insider trading network based on private information about the growth in the number of subscribers to the streaming giant, the U.S. Attorney’s Office for the Western District of Washington said on Friday.
Former engineer Sung Mo Jun pleaded guilty to securities fraud in August. Upon his sentencing, Jun apologized for his actions to the court. âWhat I did was stupid, wrong, illegal,â Jun said, according to the US attorney’s office. âI have no excuse. I disappointed a lot of people.
Jun was sentenced to prison alongside one of his co-conspirators, Junwoo Chon, who was sentenced to 14 months in prison and fined $ 10,000.
According to the plea agreement filed in August, Jun was a software engineer for Netflix from July 2016 to February 2017 and used inside information about Netflix’s subscriber growth to alert Chon and Jun’s brother Joon Mo Jun. , as they bought and sold Netflix stock.
After Jun left Netflix, he continued to receive inside information from another Netflix software engineer, Ayden Lee, to inform the group’s stock trading. Lee and Jun’s brother are expected to be sentenced next year.
In addition to the conviction of Jun and Chon, they will each lose $ 495,188 and $ 1,582,885, respectively, to the benefit of the United States on the basis of the profit they made on the basis of inside information. After serving their sentence, Jun and Chon will also be required to complete 50 hours of community service.