Former Netflix engineer, friend sentenced in insider trading scheme

The group illegally made more than $3 million using non-public data about subscriber growth — a key metric that influenced stock price.

A former Netflix software engineer and his friend were sentenced to prison Friday in an insider-trading scheme that relied on subscriber data to make more than $3 million, federal prosecutors in Seattle said.

The former software engineer, Sung Mo Jun, 49, was sentenced to two years in prison and his friend, Junwoo Chon, 50, was sentenced to one year and two months in prison. They both pleaded guilty in August.

Two other people — Jun’s brother and a different Netflix software engineer — were also involved and have pleaded guilty in the case.

U.S. attorney Nick Brown said that Jun and Chon both had well-paying jobs but “greed drove them to break the law to increase their own wealth, at the expense of others.”

When Jun was a software engineer for Netflix, he gave Netflix subscriber data to Chon and his brother, Joon Jun, prosecutors said. Those two men would then make money buying and selling Netflix securities, giving the software engineer a cut.

Sung Mo Jun left Netflix in 2017 but a Netflix engineer whom he had mentored, Ayden Lee, gave him inside subscriber information after he left, according to court documents.

This time, Sung Mo Jun began making his own trades as well as sharing the information with his brother and Chon, he admitted in a plea agreement.

They bought call options right before Netflix announced earnings and subscriber information, court documents say.

Subscriber growth is a key metric that influences stock price, the documents say.

Attorneys for the Sung Mo Jun and Chon, the two men sentenced Friday, were not immediately returned Friday night.

Joon Jun and Lee have also pleaded guilty and are scheduled to be sentenced next year, prosecutors said.

News Related

OTHER NEWS

Corporate brand accolades awarded

Mr Ake and Ms Guntalee of CBS say brand values represent corporate strength. The “Asean and Thailand Top Corporate Brands 2021” event highlighted sustainability goals in the region, according to ... Read more »

New virus rules put Djokovic at risk of missing French Open

PARIS (AP) — France is tightening its vaccination rules in a way that could put Novak Djokovic at risk of missing the French Open. From Feb. 15, anyone who is ... Read more »

Supreme Court Justice Ruth Bader Ginsburg's library sells for nearly $2.4 million at auction

It wasn’t just her life that made Ruth Bader Ginsburg notorious. The personal library of the late Supreme Court justice, who died in 2020, is renowned now, too, having sold ... Read more »

'Pam and Tommy' tackles couple's sex tape drama through a #MeToo lens

A sex tape that rocked the internet is the real-life grist for “Pam & Tommy,” Hulu’s eight-part series about the private bedroom activities of Pamela Anderson and Tommy Lee going ... Read more »

'Pokémon Legends: Arceus': Every Pokémon we've found so far in Obsidian Fieldlands

If you recently started playing “Pokémon Legends: Arceus,” you’ll probably already know that the Hisui region is divided into a variety of different areas, each of which has been designed ... Read more »

PHOTO GALLERY: A Ukrainian village awaits the next move

The Associated PressA Ukrainian serviceman ducks in a trench on the front line in the Luhansk region, eastern Ukraine, Friday, Jan. 28, 2022. High-stakes diplomacy continued on Friday in a ... Read more »

In eastern Ukraine, villagers and troops await next moves

The Associated PressA Ukrainian serviceman ducks in a trench on the front line in the Luhansk region, eastern Ukraine, Friday, Jan. 28, 2022. High-stakes diplomacy continued on Friday in a ... Read more »

True, DTAC submit merger report to the regulator

A joint report by True Corporation Plc and Total Access Communication Plc (DTAC) about their amalgamation plan has been submitted to the National Broadcasting and Telecommunications Commission (NBTC), in compliance ... Read more »

FPO keeps 2022 growth view at 4% Forecast for 2021 upgraded to 1.2% based on exports and stimulus packages

The atmosphere at Trok Mo morning market, also known as Thesa market, on Jan 23. The FPO predicts private consumption this year is expected to expand by 4.5%. The Fiscal ... Read more »

Olympic snowboarder turned racecar driver AJ Muss thrives on adrenaline after near-death experience

DAYTONA BEACH, Fla. — AJ Muss finds tranquility in chaos. When not behind the wheel of the Bryan Herta Autosport Hyundai touring car, as he will be for Friday’s 4-hour ... Read more »

Tessa Thompson talks ‘Passing' Oscar buzz, ‘Thor: Love and Thunder' film

Tessa Thompson may have Oscar buzz swirling around her film “Passing,” but the actor says she already feels like a wiinner “in so many ways.” The “Creed” star also discusses ... Read more »

NewsMinute 5 PM (CR)

Here’s the latest for Friday, January 28: No serious injuries in Pittsburgh bridge collapse; President Biden visits site of collapse while talking infrastructure; “Tiger King” Joe Exotic gets a shorter ... Read more »

What do I know now?

My wife and I have corona and are not allowed to leave the house. As medicine we watch and comment on an episode of I leave. Two hip Amsterdammers emigrate ... Read more »

New music this weekend features a Beatles recording and tracks from Michael Bublé, Anitta

In music out this weekend, there’s a newly remastered recording of The Beatles plus singles from Michael Bublé, Anitta and The Chainsmokers. Read more »

Mike Bobo returns to Georgia as offensive analyst

ATHENS, Ga. (AP) — Mike Bobo has returned to Georgia. The national champion Bulldogs announced Friday that Bobo, a former quarterback and offensive coordinator at the school, was joining coach ... Read more »

These are the best Best Buy deals you can shop right now—save on LG, iRobot and Lenovo

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Whether you need a new washing machine to keep your clothes ... Read more »

12 winter home decor ideas that will cozy up your space

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. The holidays are over but sadly, for many of us, winter ... Read more »

Britt Reid's DUI trial date postponed until September

KANSAS CITY, Mo. (AP) — Former Kansas City Chiefs assistant coach Britt Reid will not go to trial on a felony driving while intoxicated charge until at least September. Reid ... Read more »

Visa, Atlassian rise; Mondelez, Western Digital fall

Stocks that traded heavily or had substantial price changes Friday: Visa Inc., up $21.85 to $228. The global payments processor reported a strong fiscal first-quarter profit that beat Wall Street ... Read more »

Analyst: Expect Russian invasion of Ukraine mid-Feb

The Pentagon says the buildup of Russian forces along Ukraine’s border has given President Vladimir Putin a complete range of military options. Analyst Alexander Vindman predicts a Russian invasion of ... Read more »

Petrol price this weekend to record due to tensions Ukraine

Photo: ANP The price for a liter of petrol rose to a new record high on Saturday. Tensions on the border between Russia and Ukraine are pushing up already high ... Read more »

The ‘blue family' KLM has been on the drip for a century

Fresh news is a curse and a blessing for the author of a new journalism book. If you’ve just written a book about KLM – like investigative journalist Ties Joosten ... Read more »

Ottawa police fortify forces for truckers protest

Police in Canada’s capital have called in reinforcements as the first trucks in a convoy organized to protest the Canadian government’s COVID-19 vaccine mandate for cross-border truck drivers arrive in ... Read more »

Kane asks fans to keep an open mind as he joins Oilers

EDMONTON, Alberta (AP) — Evander Kane knows he will not be universally loved by by fans of the Edmonton Oilers. Edmonton is the fourth franchise for the 30-year-old forward whose ... Read more »

'Temptations 60' arrives: Hear Motown group's new album, watch documentary series

You might say it was an album six decades in the making. “Temptations 60,” the anniversary record that became a passion project for Tempts founder Otis Williams, arrived overnight Friday. ... Read more »

Emotional final salute to slain NYPD officer

The city of New York has given an emotional final salute to a rookie police officer gunned down with his partner a week ago. His family was visibly anguished during ... Read more »

Want to stream the Superbowl? Check out this Paramount+ bundle deal

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. On Sunday, February 13, Super Bowl LVI will kick off, and ... Read more »

30 Black-owned beauty brands you may not have heard of yet

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. It’s no secret that the beauty industry at large has a ... Read more »

Get rid of the gas and still pay more for a warm house. How is that possible?

For Tilburg alderman Oscar Dusschooten it is clear what challenge the local energy supplier faces: explain to his fellow citizens why they will pay 58 percent more for a warm ... Read more »

Who have we become, with tip lines for school mask scofflaws and abortion bounty hunters?

On the day after the 2016 presidential election, a steady stream of students lined up outside my campus office to talk about the future of our profession. These were journalism ... Read more »

Novak Djokovic celebrated in Montenegro as doubts emerge over positive COVID test

BUDVA, Montenegro – Tennis star Novak Djokovic received honors at a small Adriatic Sea resort in Montenegro on Friday even as doubts re-emerged about the positive COVID-19 test he used ... Read more »

Young humpback whale freed from mooring line, buoy off Maui

The Associated PressIn this photo provided by the National Oceanic and Atmospheric Administration, officials remove mooring line and a buoy from a young humpback whale off Ukumehame, Maui, Wednesday, Jan. ... Read more »

Presidents' Day 2022 sales are officially here—here's everything you need to know

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Presidents’ Day 2022 sales are finally here with massive markdowns on ... Read more »

Gov tells Bette Midler to kiss dog's heinie, shows

West Virginia Gov. Jim Justice holds up his dog Babydog’s rear end as a message to people who’ve doubted the state as he comes to the end of his State ... Read more »

Vanderbilt coach Lea promotes Lynch to offensive coordinator

NASHVILLE, Tenn. (AP) — Vanderbilt coach Clark Lea has promoted Joey Lynch to offensive coordinator and hired Alex Bailey as wide receivers coach. Lea announced the changes Friday. Lynch spent ... Read more »

Pentagon chief urges Putin to choose diplomacy

Defense Secretary Lloyd Austin cautioned Russia that “there is still time and space for diplomacy,” despite the tens of thousands of Russian troops massed on Ukraine’s border. (Jan. 28) Read more »

Oprah's "O List" January edition was just released—here's what our editors recommend

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Oprah, queen of gifting, has a monthly roundup through her publication ... Read more »

EXPLAINER: What's known about 'stealth' version of omicron?

The Associated PressA truck with a public awareness notice on the omicron coronavirus variant moves though a busy shopping street Friday, Jan. 28, 2022, in Tokyo. (AP Photo/Eugene Hoshiko) Scientists ... Read more »

Omicron drives US deaths higher than in fall's delta wave

The Associated PressFILE – Jose Alfrtedo De la Cruz and his wife, Rogelia, self-test for COVID-19 at a No Cost COVID-19 Drive-Through event provided the GUARDaHEART Foundation for the City ... Read more »

Ohio lured Intel's chip plant with $2B incentive package

The Associated PressIntel CEO Patrick Gelsinger, left, talks with Ohio governor Mike DeWine during the announcement on Friday Jan. 21, 2022 in Newark, Ohio, that Intel will invest $20 billion ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic