WASHINGTON: US regulators on Wednesday filed insider trading charges against five people, including three former Netflix employees, accusing them of illegally using confidential data on subscriber growth at the streaming television giant.
Joseph Sansone of the SEC's Market Abuse Unit said the group tried to evade detection by using encrypted messaging applications and paying cash kickbacks. Jun revealed this information to his brother, Joon Mo Jun, and a friend, Junwoo Chon, who both used it to trade in advance of multiple Netflix earnings announcements.
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