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
Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah
JEDDAH: Saudi Arabia is accelerating its push to become a global cruise hub, with Cruise Saudi — a wholly owned Public Investment Fund subsidiary — expanding international partnerships to draw more travelers to the Kingdom’s Red Sea and Arabian Gulf ports.
The latest milestone came as award-winning Greek cruise line Celestyal completed its first-ever calls to Jeddah, signaling rising global interest in Saudi Arabia’s cultural and natural attractions.
The visits form part of Cruise Saudi’s strategy to build a year-round cruise ecosystem that supports tourism growth, boosts local supply chains, and contributes to the Kingdom’s broader economic diversification.
Three UNESCO World Heritage Sites — AlUla, Jeddah Historic District, and Al-Ahsa Oasis — are now accessible by sea, with curated shore excursions designed to deepen visitor engagement.
Cruise Saudi aims to welcome 1.3 million cruise passengers annually by 2035, creating 50,000 direct and indirect jobs and positioning the Kingdom as a premier international cruise destination.
The 1,360-passenger Celestyal Discovery arrived in Jeddah on Dec. 5, following the 1,260-passenger Celestyal Journey, which made its maiden call on Nov. 29. The Journey concluded a seven-night Athens–Jeddah itinerary with stops in Turkiye and Egypt, marked by a traditional plaque exchange ceremony attended by Cruise Saudi executives, port officials and Celestyal representatives.
Passengers were welcomed with traditional Saudi hospitality and toured Jeddah’s historic Al-Balad district, bustling souks, and cultural sites. Some Muslim travelers also visited Makkah to perform Umrah.
“We are honored to celebrate our maiden call in Jeddah alongside our partners at Cruise Saudi, marking the beginning of a long and effective relationship,” said Lee Haslett, chief commercial officer at Celestyal.
He added that Jeddah’s role as “the cultural heart of Saudi Arabia” presents strong potential for cruise tourism.
Barbara Buczek, chief destination experiences officer at Cruise Saudi, told Arab News: “This maiden Red Sea sailing highlights the strong appeal of the region and aligns with Cruise Saudi's commitment to developing seamless, high-quality cruise experiences in Saudi Arabia.”
She noted that Celestyal’s expanded itineraries reflect rising demand for distinctive Red Sea and Arabian Gulf voyages.
Since its launch in 2021, Cruise Saudi has activated five cruise ports, introduced Aroya Cruises, the Kingdom’s first homegrown cruise line, and established Aman at Sea, an ultra-luxury JV with Aman Group set to launch in 2027. The company manages the full value chain — from terminals and berths to curated excursions — and has already welcomed more than 600,000 passengers of over 120 nationalities.
Celestyal, which carries more than 140,000 passengers annually across two refurbished vessels, is aligning with the Kingdom’s Vision 2030 ambition to transform coastal tourism. After departing Jeddah, both Celestyal ships continued to Abu Dhabi to begin the company’s second Arabian Gulf season.
Aroya Cruises has also launched a new seasonal program featuring stops in Mykonos, Athens, Crete, and coastal cities in Turkiye, expanding on a successful inaugural season that attracted over 95,000 guests.
The growing activity underscores Saudi Arabia’s emergence as a world-class cruise destination, supported by modern infrastructure, expanding routes, and experiences that highlight the Kingdom’s culture, heritage and hospitality.
