Business
Vice President Of Goldman Sachs Charged With Insider Trading
Goldman_Sachs_New_World_Headquarters | Circa May 2009 | Z4dude via Wikimedia Commons
A vice president at Goldman Sachs was arrested in California on Thursday and charged with insider trading by federal prosecutors.
The 37-year-old banker Woojae Jung was charged with six counts of security fraud and one conspiracy charge for sharing non-public information with a co-conspirator that he stole from the company while he worked between the New York and San Francisco offices.
Prosecutors said he made more than $130,000 between 2015 and 2017 by illegally sharing confidential information. The South Korean citizen conducted his side-dealings using a friend’s brokerage account in his home country.
“We are aware of the situation regarding Mr. Jung and are cooperating with legal authorities on the matter,” the company said in a statement to CNBC on Thursday. Jung is now on leave from the company.
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