NEW YORK: A Goldman Sachs vice president was arrested Thursday in California on insider-trading charges filed in a New York court.
Woojae Jung awaited a court appearance in federal court in San Francisco to face six counts of securities fraud and a conspiracy charge.
Manhattan US Attorney Geoffrey S. Berman said Jung “violated his duty to his company and traded on stolen insider information, over and over again.”
A lawyer for Jung did not immediately comment.
Jung, who lives in San Francisco, was accused in court papers of trading the securities of a dozen companies based on inside information. Authorities said he made more than $130,000 illegally from 2015 to 2017.
The Securities and Exchange Commission brought related civil charges against Jung, who worked in San Francisco and New York.
Goldman Sachs spokesman Michael DuVally said Jung has been placed on leave.
“We are aware of the situation regarding Mr. Jung and are cooperating with legal authorities on the matter,” he said.
The chief of the SEC’s Market Abuse Unit, Joseph Sansone, said Jung violated his employer’s rules about outside investment accounts when he carried out illegal trades through a brokerage account held in the name of a friend in South Korea.
“Like others before him, Jung’s alleged scheme failed when our data analysis uncovered the account’s suspicious trading pattern and, despite Jung’s attempts at evasion, traced the trading back to him,” Sansone said in a release.
Goldman Sachs vice president charged in insider-trading case
Goldman Sachs vice president charged in insider-trading case
- Manhattan US Attorney Geoffrey S. Berman said Woojae Jung “violated his duty to his company and traded on stolen insider information, over and over again.”
- The Securities and Exchange Commission brought related civil charges against Jung, who worked in San Francisco and New York.
Related
Saudi Arabia signs $53m deal to build a food logistics hub at Dammam port
RIYADH: Saudi Arabia is set to enhance food-supply infrastructure and expand logistics capacity at King Abdulaziz Port after signing a SR200 million ($53.2 million) agreement with Arabian Agricultural Services Co., or Arasco.
The contract, signed by Suliman bin Khalid Al-Mazroua, president of the Saudi Ports Authority, also known as Mawani, and Arasco CEO Ziyad A. Alsheikh, supports the National Transport and Logistics Strategy and strengthens the Kingdom’s positioning as a global logistics hub.
A press release from the authority stated: “This contract aligns with Mawani’s efforts to strengthen national supply chains and boost operational efficiency at King Abdulaziz Port in Dammam.”
It added: “It also reflects Mawani’s commitment to supporting private-sector partnerships and providing world-class infrastructure that advances the goals of Saudi Vision 2030 while solidifying the Kingdom’s standing as a global logistics hub bridging the three continents.”
The new facility is set to span 40,000 sq. meters and enhance the port’s capacity for handling vital food commodities.
A core component of the project is the development of advanced grain storage silos with a total capacity of up to 100,000 tonnes, significantly boosting the Kingdom’s strategic grain reserve infrastructure.
The integrated logistics center will feature a dedicated vehicle-loading facility, advanced conveyor belt systems, and specialized ship-unloading equipment to connect Berths 37 and 39.
This development is expected to streamline port operations, ensure seamless integration within the broader transport network, and reduce turnaround times for cargo.
Beyond infrastructure, the project promises substantial economic and social impact. It is projected to create more than 3,000 direct and indirect employment opportunities, contributing to local job creation and skills development.
Furthermore, the center will fortify both national and regional supply and distribution networks, offering value-added services that stimulate broader economic growth.
King Abdulaziz Port in Dammam, a critical gateway linking Saudi Arabia to international markets, is already one of the region’s most formidable maritime facilities. It boasts 43 fully operational berths and an annual handling capacity exceeding 105 million tonnes of various cargo and containers.
This new partnership with Araso is poised to further elevate its status, attracting leading global logistics firms and solidifying Saudi Arabia’s role as a leading regional logistics center.
