Sunday, July 12, 2020

Goldman Sachs vice president charged in insider-trading case

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A Goldman Sachs vice president has been arrested in California on insider-trading charges brought in New York.

Woojae Jung was to appear Thursday in federal court in San Francisco to face six counts of securities fraud and a conspiracy charge.

Manhattan U.S. Attorney Geoffrey Berman says the charges stem from a scheme in which Jung repeatedly traded on stolen insider information.

A lawyer for Jung hasn’t commented.

The 37-year-old Jung is accused in court papers of trading the securities of a dozen companies based on inside information. Authorities say he made more than $130,000 illegally from 2015 to 2017.

The Securities and Exchange Commission has brought related civil charges against Jung, who lives in San Francisco and worked in San Francisco and New York.

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