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SEC charges Goldman Sachs investment banker with insider trading

The SEC has charged Woojae Jung, a vice president of investment banking at Goldman Sachs Group Inc., with repeatedly using his access to confidential information to conduct insider trading ahead of deals that the investment bank was working on.

When reached for comment, a Goldman spokesperson said the bank is "aware of the situation regarding [Jung]" and is cooperating with authorities on the matter.

The SEC alleged that between 2015 and 2017, Jung used an account held in the name of a friend living in South Korea to place illegal trades and generate profits of about $140,000. Jung, according to the SEC, used his friend's brokerage account to attempt to evade detection by skirting Goldman Sachs' requirements that required him to clear trades ahead of time and use an approved brokerage firm that reports the trading to Goldman Sachs.

The SEC's complaint, filed in federal district court in Manhattan, N.Y., charges Jung with fraud and seeks disgorgement of allegedly ill-gotten gains, pre-judgment interest, penalties and injunctive relief. The complaint also names Jung's friend, Sungrok Hwang, as a relief defendant to have him disgorge illicit gains that Jung generated by trading in his brokerage account.