A former Netflix engineer and his brother pleaded responsible to securities fraud for his or her roles in taking part in an insider buying and selling ring that generated greater than $1 million in revenue, the U.S. Lawyer’s Workplace for the Western District of Washington stated on Monday.
The ex-engineer, Sung Mo “Jay” Jun, and his brother, Joon Mo Jun, are anticipated to be sentenced on Dec. 3. In accordance with the plea settlement, Sung Mo Jun used personal details about Netflix’s subscriber numbers to tip off his brother and their shut pal, Junwoo Chon, on shopping for and promoting Netflix inventory. After Chon made a revenue, he paid Sung Mo Jun $60,000 in money for his help, the U.S. Lawyer’s Workplace for the Western District of Washington stated.
After Sung Mo Jun left Netflix, he continued to acquire insider details about Netflix’s subscriber knowledge from one other engineer, Ayden Lee, and used that data to tell his personal inventory buying and selling, in addition to to proceed tipping off his brother and pal, the lawyer’s workplace stated.
In whole, Sung Mo Jun made $434,086 in revenue, whereas his brother Joon Mo Jun remodeled $1.1 million from the insider data, in keeping with the lawyer’s workplace. Chon, who beforehand pleaded responsible earlier this month, made greater than $1.6 million in revenue whereas Lee — who has not but had a plea listening to — is allegedly linked to $453,465 in illicit income.
All 4 are additionally named in a separate civil case filed earlier this month by the Securities and Trade Fee. Within the prison case, the previous engineer and his brother withstand 20 years in jail and a $5 million positive for insider buying and selling.