Federal prosecutors have handed down a three-month prison sentence to WOOJAE JUNG, also known as ‘Steve Jung,’ for his role in an insider trading scheme that siphoned nearly $130,000 from unsuspecting investors.
Jung, who worked as a vice president at an investment bank, was found guilty of using material nonpublic information (MNPI) to execute profitable securities trades. The illegal activities were carried out through a brokerage account in another person’s name, further shrouding his identity and intentions.
According to Manhattan U.S. Attorney Geoffrey S. Berman, Jung’s conviction serves as a stark reminder that those who steal confidential information from their employers to profit will face serious consequences. ‘Our Office will continue to fight insider trading to protect the integrity of the marketplace,’ Berman stated.
Judge Lewis A. Kaplan also sentenced Jung, 38, of San Francisco, California, to two years of supervised release and imposed a $30,000 fine. Additionally, he was ordered to forfeit the $130,000 in illegal gains. The sentence underscores the severity with which such crimes are viewed by the justice system.
Assistant U.S. Attorney Andrew Thomas is leading the prosecution under the Office’s Securities and Commodities Fraud Task Force, demonstrating the commitment of federal authorities to root out financial fraud and protect investors from predatory practices.
The investigation was a collaborative effort between the Federal Bureau of Investigation and the Securities and Exchange Commission, which filed civil charges against Jung in a separate action. This joint effort highlights the importance of cooperation among agencies in combating white-collar crime.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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