Netflix insider trading suspect pleads guilty, faces as many as 20 years in prison for scheme that netted $3M, feds say.
A Washington man has pleaded guilty to federal insider trading allegations after prosecutors said he made $1.6 million in illegal profits gained from proprietary subscriber information passed along by an employee of Netflix.Prosecutors said he used nonpublic information on up-to-date subscriber numbers to purchase Netflix"call options" that allow investors to buy a stock in the future but at the day's price in order to profit.
Authorities said Chon got the information from his friend Sung Mo Jun, who was a Netflix software engineer in 2016 and 2017, years when Chon made the profitable investments ahead of quarterly announcements. Chon allegedly kicked back $60,000 to Sung Mo Jun and engaged in a separate insider-trading scheme involving an unnamed technology company, prosecutors said. That scheme netted him $2,000, they said.
Lee allegedly took over the dissemination of inside information after Sung Mo Jun left Netflix in 2017, prosecutors said. Sung Mo Jun allegedly used the information for his own trades while passing it along to his brother and Chon"in advance of Netflix earnings announcements," the U.S. Securities and Exchange Commission said in a statement Wednesday.
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