Goldman Sachs vice president Woojae Jung, who goes by Steve, was charged with seven counts of securities fraud, including conspiracy, in connection with an alleged insider trading scheme, according to a complaint provided by the U.S. Attorney’s Office for the Southern District of New York. He is expected to appear in the U.S. District Court for the Northern District of California later Thursday.
“Financial crimes, especially those that involve the exploitation of material nonpublic information of clients who have placed their trust in investment institutions, have a negative impact on the economy and individuals alike,” FBI Assistant Director William Sweeney Jr. said in a statement. “We will continue to investigate those who engage in these illegal acts to help prevent future fraudulent activity in the financial markets.”
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