Criminal Law
A Man Pleads Guilty to a Netflix Insider Trading Scheme Worth $3 Million
A Washington man has pleaded guilty to federal insider trading allegations after prosecutors said he made $1.6 million in illegal profits gained from proprietary subscriber information passed along by an employee of Netflix.
Junwoo Chon, 50, of Bellevue, faces as many as 20 years behind bars when he’s sentenced Dec. 3.
Prosecutors said he used nonpublic information on up-to-date subscriber numbers to purchase Netflix “call options” that allow investors to buy a stock in the future but at the day’s price in order to profit.
