(WASHINGTON) SEC Press Release Statement Report: Annouce charges against three former Netflix Inc software engineers and two colleagues who used insider dealing to make over $3-million #AceNewsDesk report

#AceNewsReport – Aug.19: The Securities and Exchange Commission today announced insider trading charges against three former Netflix Inc. software engineers and two close associates who generated over $3 million in total profits by trading on confidential information about Netflix’s subscriber growth……

#AceDailyNews reports that the SEC has charged a ‘Netflix Insider Trading Ring’ and according to the SEC’s complaint, Sung Mo “Jay” Jun was at the center of a long-running scheme to illegally trade on non-public information concerning the growth in Netflix’s subscriber base, a key metric Netflix reported in its quarterly earnings announcements. The complaint alleges that Sung Mo Jun, while employed at Netflix in 2016 and 2017, repeatedly tipped this information to his brother, Joon Mo Jun, and his close friend, Junwoo Chon, who both used it to trade in advance of multiple Netflix earnings announcements.

The SEC’s complaint further alleges that after Sung Mo Jun left Netflix in 2017, he obtained confidential Netflix subscriber growth information from another Netflix insider, Ayden Lee. Sung Mo Jun allegedly traded himself and tipped Joon Jun and Chon in advance of Netflix earnings announcements from 2017 to 2019. The SEC alleges that Sung Mo Jun’s former Netflix colleague Jae Hyeon Bae, another Netflix engineer, tipped Joon Jun based on Netflix’s subscriber growth information in advance of Netflix’s July 2019 earnings announcement. Sung Mo Jun, Joon Jun, and Chon allegedly used encrypted messaging applications to discuss their trading in an attempt to evade detection. According to the complaint, Sung Mo Jun, Joon Jun, and Chon made approximately $3 million in total profits from the illegal scheme. The SEC Market Abuse Unit’s Analysis and Detection Center uncovered the trading ring by using data analysis tools to identify the traders’ improbably successful trading over time.

“We allege that a Netflix employee and his close associates engaged in a long-running, multimillion dollar scheme to profit from valuable, misappropriated company information,” said Erin E. Schneider, Director of the SEC’s San Francisco Regional Office. “The charges announced today hold each of the participants accountable for their roles in the scheme.”

“The defendants allegedly tried to evade detection by using encrypted messaging applications and paying cash kickbacks,” added Joseph Sansone, Chief of the SEC’s Market Abuse Unit. “This case reflects our continued use of sophisticated analytical tools to detect, unravel and halt pernicious insider trading schemes that involve multiple tippers, traders, and market events.”

The SEC’s complaint, filed in federal court in Seattle, charges Sung Mo Jun, Joon Jun, Chon, Lee, and Bae with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Sung Mo Jun, Joon Jun, Chon, and Lee have consented to the entry of judgments which, if approved by the court, would permanently enjoin each from violating the charged provisions, with civil penalties, if any, to be decided later by the court. Sung Mo Jun also agreed to an officer and director bar. Bae consented to the entry of a final judgment, also subject to court approval, permanently enjoining him from violating Section 10(b) of the Exchange Act and Rule 10b-5 and imposing a civil penalty of $72,875.

In a parallel action, the U.S. Attorney’s Office for the Western District of Washington filed a criminal information against Sung Mo Jun, Joon Jun, Chon, and Lee.

The SEC’s investigation was conducted by Rahul Kolhatkar of the San Francisco Regional Office and Jonathan Warner of the Market Abuse Unit, with assistance from John Rymas, Hugh Beck, and Darren Boerner of the Market Abuse Unit’s Analysis and Detection Center and Rachita Gullapalli and Erin Smith of the SEC’s Division of Economic and Risk Analysis. The case was supervised by Jennifer J. Lee and Monique C. Winkler of the San Francisco Regional Office, and Steven Buchholz and Mr. Sansone of the Market Abuse Unit. The litigation will be led by Marc Katz, Mr. Kolhatkar, and Mr. Warner.

#AceNewsDesk report ………Published: Aug.19: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#insider-trading, #netflix, #sec, #washington

(NEW YORK) The Securities and Exchange Commission Report: Have today charged, a Greek national, with perpetrating a fraudulent scheme to sell what he called “insider trading tips” on the Dark Web #AceNewsDesk report

#AceNewsReport – July.13: The Dark Web, which facilitates anonymity by obscuring users’ identities, allows users to purchase and sell illegal products and services, and in this case, insider trading tips.

#AceDailyNews reports that SEC Charges Apostolos Trovias Greek National with ‘Insider Dealing Trading Tips on the Dark Web according to the complaint, filed in the U.S. District Court for the Southern District of New York, from at least December 2016 through early 2021, Trovias—operating under the pseudonym ” TheBull …

TheBull”—engaged in a deceptive scheme to offer and sell so-called “insider trading tips” on Dark Web marketplaces to purchasers whom Trovias offered an unfair advantage for trading securities in the public markets. As alleged in the complaint, Trovias claimed that the information he was selling consisted of order-book data from a securities trading firm that was provided to Trovias by an employee of the firm. Trovias allegedly sold those “tips” through one-off sales, as well as weekly and monthly subscriptions. Trovias allegedly sold over 100 subscriptions to investors via the Dark Web over the course of the scheme. The complaint alleges that, in addition to order-book information, Trovias sold the pre-release earnings reports of publicly traded companies. The complaint further alleges that Trovias acknowledged to federal authorities that this information was “sensitive and more importantly illegal to use or share.”

The SEC’s complaint charges Trovias with violating the antifraud provisions of the federal securities laws. The complaint seeks injunctive relief, disgorgement, prejudgment interest and penalties against Trovias.

“Trovias’s alleged conduct was an attempt to evade detection by operating in obscure online forums,” said Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit. “As this case demonstrates, the SEC will continue to target misconduct wherever it occurs and regardless of perpetrators’ efforts to hide their tracks.”

In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against Trovias.

The SEC’s investigation was conducted by Jon Daniels and Morgan B. Ward Doran of the Cyber Unit, and supervised by John O. Enright and Ms. Littman. The SEC’s continuing litigation is being conducted by Victor Suthammanont and Mr. Daniels. The Commission appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York, the Federal Bureau of Investigation, and the Internal Revenue Service.

#AceNewsDesk report ………Published: July.13: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#cyber, #dark-web, #greek, #insider-dealing, #new-york, #sec

(CALIFORNIA) Justice Dept Court Report: A Swedish man was sentenced Thursday to 15 years in prison for securities fraud, wire fraud and money laundering charges that defrauded thousands of victims of more than $16 million #AceNewsDesk report

#AceNewsReport – July.09: Karlsson induced victims to purchase shares in the scheme called “Eastern Metal Securities” using cryptocurrency such as Bitcoin and other online payment platforms. Karlsson promised victims astronomical returns tied to the price of gold. Instead, the funds provided by victims were transferred to Karlsson’s personal bank accounts, and he then used proceeds to purchase expensive homes, a racehorse and a resort in Thailand. Karlsson’s fraud targeted financially insecure investors, causing severe financial hardship for many of them. Meanwhile, Karlsson went to great lengths to prolong his scheme, including rebranding, offering updates and account statements that provided assurances to the victims of the states of their assets, and offering explanations for the payout delays – including falsely claiming to be working with the Securities and Exchange Commission (SEC).

#AceDailyNews reports over IRS-CI Washington, D.C. Cyber Crimes Unit who investigated the case into Cryptocurrency Fraudster Roger Nils-Jonas Karlsson, 47, who pleaded guilty on March 4. & according to court documents, Karlsson ran an investment fraud scheme from 2011 until his arrest in Thailand in June 2019.

As part of the sentence, Karlsson was also ordered to forfeit a Thai resort and various other properties and accounts, and issued a money judgment in the amount of $16,263,820. The United States is seeking restitution on behalf of Karlsson’s victims: A restitution order is expected to be entered by the court within 90 days. Victims of Roger Karlsson and Eastern Metal Securities who have not been in contact with the U.S. Attorney’s Office for the Northern District of California are encouraged to submit information as soon as possible. Additional information for victims and a victim form are available at https://www.justice.gov/usao-ndca/united-states-vs-roger-karlsson-and-eastern-metal-securities.

Acting Assistant Attorney General Nicholas L. McQuaid of the Justice Department’s Criminal Division; Acting U.S. Attorney Stephanie Hinds of the Northern District of California; and Acting Special Agent in Charge Darrell J. Waldon of the IRS-Criminal Investigation (IRS-CI) Washington, D.C., Field Office made the announcement.  

IRS-CI Washington, D.C. Cyber Crimes Unit investigated the case. The Justice Department’s Office of International Affairs, the FBI Legal Attaché Office in Thailand, the IRS-CI Attaché Office in Hong Kong and the Royal Thai Police Crime Suppression Division provided significant assistance. The SEC’s New York Regional Office also provided substantial support.

Trial Attorney C. Alden Pelker of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney William Frentzen of the U.S. Attorney’s Office for the Northern District of California prosecuted the case. Assistant U.S. Attorney Karen Beausey of the Asset Forfeiture Unit of the U.S. Attorney’s Office handled the forfeiture proceedings, and Victim Specialist Maria Sunga provided support. Law clerks and interns Seamus Lynch, John Paul, Kate Kaplan and Edward Percarpio also provided essential assistance in support of the sentencing.

#AceNewsDesk report ……Published: July.09: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#california, #d-c-cyber-crimes, #doj, #sec