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Ex-Goldman Sachs Banker Pleads Guilty to Insider Trading
[Photo: Goldman Sachs Headquarters, by Julia La Roche / Business Insider]
Woojae “Steve” Jung, a former vice president with Goldman Sachs, pleaded guilty to engaging in insider trading based on non-public information six months after being arrested. He now will forfeit $130M in illegal profits and serve a prison sentence of 18 to 24 months. Civil charges filed by the SEC are still pending.
Jung, 37, is a South Korean citizen who resides in San Francisco, CA. He joined Goldman Sachs in July 2012, after graduating from Wharton Business School. He worked in the New York office as an investment banking associate until July 2015, at which time he moved to Goldman’s west coast office, where he served as a Vice President of Investment Banking.
Jung was arrested in May 2018 on charges (at the time) that he made $140,000 in illegal profits by trading through an undisclosed Interactive Brokers account. Goldman promptly U5'd Jung. [For the original story, click on Financialish 5/31/18.]
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