One of the three former Netflix software engineers charged with insider trading by the Securities and Exchange Commission has pleaded guilty. Sung Mo Jun, 49, and his brother Joon Jun, 45, pleaded guilty Monday in U.S. District Court in Seattle to securities fraud stemming from their roles in an insider trading ring that they say generated more than $1 million in illegal proceeds, according to Acting U.S. Attorney Tessa M. Gorman.
Five people, including three former Netflix employees, used confidential subscriber growth information to illegally trade in Netflix stock, netting $3.1 million, according to a Securities and Exchange Commission complaint filed on Wednesday.
