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SEC charges Goldman Sachs VP in insider trading scheme

Jaclyn Jaeger | June 1, 2018

The Securities and Exchange Commission on May 31 charged a Goldman Sachs vice president of investment banking with repeatedly using his access to highly confidential information to place illicit and profitable trades in advance of deals on which the bank was providing investment banking advisory services.

On May 31, the U.S. Attorney’s Office for the Southern District of New York unsealed the criminal charges against Woojae Jung. The SEC did not name Goldman Sachs in the complaint, but rather described Jung as an employee of “a prominent investment bank,” who worked in the bank’s San Francisco and New York offices. According to records from the Financial Industry Regulatory Authority, Jung has worked at Goldman Sachs since 2012.

According to the SEC’s complaint, Jung used sensitive client information to trade in the securities of 12 different companies prior to the announcement of market-moving...

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