Vice President Of Goldman Sachs Charged With Insider Trading

REUTERS/Brendan McDermid

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Vandana Rambaran Political Reporter
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A vice president at Goldman Sachs was arrested in California on Thursday and charged with insider trading by federal prosecutors.

The 37-year-old banker Woojae Jung was charged with six counts of security fraud and one conspiracy charge for sharing non-public information with a co-conspirator that he stole from the company while he worked between the New York and San Francisco offices.

Prosecutors said he made more than $130,000 between 2015 and 2017 by illegally sharing confidential information. The South Korean citizen conducted his side-dealings using a friend’s brokerage account in his home country. (RELATED: This Might Be Why Hillary Won’t Release Her Goldman Sachs Speech Transcripts)

“We are aware of the situation regarding Mr. Jung and are cooperating with legal authorities on the matter,” the company said in a statement to CNBC on Thursday. Jung is now on leave from the company. 

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