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 investment pipeline active as reforms advance, says Pakistan minister
ALULA: Pakistan’s Finance Minister Mohammed Aurangzeb described Saudi Arabia as a “longstanding partner” and emphasized the importance of sustainable, mutually beneficial cooperation, particularly in key economic sectors.
Speaking to Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb said the relationship between Pakistan and Saudi Arabia remains resilient despite global geopolitical tensions.
“The Kingdom has been a longstanding partner of Pakistan for the longest time, and we are very grateful for how we have been supported through thick and thin, through rough patches and, even now that we have achieved macroeconomic stability, I think we are now well positioned for growth.”
Aurangzeb said the partnership has facilitated investment across several sectors, including minerals and mining, information technology, agriculture, and tourism. He cited an active pipeline of Saudi investments, including Wafi’s entry into Pakistan’s downstream oil and gas sector.
“The Kingdom has been very public about their appetite for the country, and the sectors are minerals and mining, IT, agriculture, tourism; and there are already investments which have come in. For example, Wafi came in (in terms of downstream oil and gas stations). There’s a very active pipeline.”
He said private sector activity is driving growth in these areas, while government-to-government cooperation is focused mainly on infrastructure development.
Acknowledging longstanding investor concerns related to bureaucracy and delays, Aurangzeb said Pakistan has made progress over the past two years through structural reforms and fiscal discipline, alongside efforts to improve the business environment.
“The last two years we have worked very hard in terms of structural reforms, in terms of what I call getting the basic hygiene right, in terms of the fiscal situation, the current economic situation (…) in terms of all those areas of getting the basic hygiene in a good place.”
Aurangzeb highlighted mining and refining as key areas of engagement, including discussions around the Reko Diq project, while stressing that talks with Saudi investors extend beyond individual ventures.
“From my perspective, it’s not just about one mine, the discussions will continue with the Saudi investors on a number of these areas.”
He also pointed to growing cooperation in the IT sector, particularly in artificial intelligence, noting that several Pakistani tech firms are already in discussions with Saudi counterparts or have established offices in the Kingdom.
Referring to recent talks with Saudi Minister of Economy and Planning Faisal Alibrahim, Aurangzeb said Pakistan’s large freelance workforce presents opportunities for deeper collaboration, provided skills development keeps pace with demand.
“I was just with (Saudi) minister of economy and planning, and he was specifically referring to the Pakistani tech talent, and he is absolutely right. We have the third-largest freelancer population in the world, and what we need to do is to ensure that we upscale, rescale, upgrade them.”
Aurangzeb also cited opportunities to benefit from Saudi Arabia’s experience in the energy sector and noted continued cooperation in defense production.
Looking ahead, he said Pakistan aims to recalibrate its relationship with Saudi Arabia toward trade and investment rather than reliance on aid.
“Our prime minister has been very clear that we want to move this entire discussion as we go forward from aid and support to trade and investment.”
