Three former Netflix Inc. software engineers and two close associates were sued by federal regulators for profiting $3 million by trading on confidential information about the company’s subscriber growth.
Sung Mo “Jay” Jun, 49, while employed at Netflix in 2016 and 2017, repeatedly tipped non-public subscriber 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, according to a Wednesday complaint from the U.S. Securities and Exchange Commission. After Sung Mo Jun left Netflix in 2017, he obtained the same subscriber growth information from another Netflix insider, Ayden Lee, according to the SEC.
