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.
