NEW YORK (Reuters) – Federal Attorney's Office charged Goldman Sachs Group Inc's Vice President with more than $ 130,000 on Thursday through illegal dealings with insider information about investment bank advised companies.
Prosecutors said Woojae Jung, a 37-year-old South Korean citizen, used confidential information about upcoming transactions he learned through his work for the bank to trade companies such as WR Grace & Co and Foresight Energy LP filed in Manhattan Federal court.
Goldman Sachs could not be reached immediately for a comment. A lawyer for Jung could not be identified immediately.
The prosecution said Jung had done these deals through a brokerage account on behalf of a friend living in South Korea.
Insider trading continued until 201
Following this application, prosecutors said, someone called the brokerage firm whose account was used to do these illegal trades. Using the name of Jung's friend in Korea, the caller said the account was opened with stolen personal information, and he was worried about the transactions in the account.
Jung is charged with conspiracy and fraud. He also faces similar civil charges brought by the US Securities and Exchange Commission.
The SEC has accused Jung of making more than $ 140,000 through insider trading in 12 companies.
Reporting by Brendan Pierson in New York; Arrangement of Bernadette Baum