Three former Netflix software engineers have been charged by the U.S. Securities and Exchange Commission for insider tradingIn a complaint filed in federal court in Seattle, the regulatory agency alleges that the engineers and two associates generated more than $3 million in profits from a “long-running scheme.” The cornerstone of the setup, according to the complaint, was confidential information they obtained about Netflix subscriber growth.
Subscriber numbers, whether at Netflix or, more recently, Disney, AT&T and other companies, have been central to Wall Street’s embrace or rejection of stocks in recent years.The SEC’s complaint, Sung Mo “Jay” Jun was at the center of a long-running scheme to illegally trade on non-public information
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