The Securities and Exchange Commission (SEC) on Thursday charged a Goldman Sachs vice president with insider trading.
Woojae “Steve” Jung, a San Francisco-based Goldman executive, allegedly made $140,000 in trades on companies that the bank was advising, according to the SEC complaint.
The agency’s complaint only referred to a “prominent investment bank,” but a listing in the industry database of brokers and a LinkedIn account with Jung’s name identified him as a Goldman Sachs vice president for investment banking.
“Jung tried to insulate himself by allegedly placing trades in the brokerage account of a friend who lived overseas,” said Joseph G. Sansone, chief of the SEC’s market abuse unit.
The SEC alleges that Jung traded on at least 12 companies working with Goldman Sachs on transactions in advance of the announcements of those deals. Those firms included WebMD, Qualcomm, SanDisk and other companies that Goldman had advised on sales and other transactions.
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