Seattle-Area Man Pleads Guilty To Using Insider Information Of Netflix To Make $1.5 Million

SEATTLE (AP) – A 50-year-old Bellevue, Washington man who made more than $1.5 million by using inside information to trade in Netflix securities has pleaded guilty in federal court.

Junwoo Chon is scheduled to be sentenced on December 3rd.

Acting U.S. Attorney Tessa Gorman says Junwoo Chon is one of four men charged in a scheme involving two former Netflix software engineers who illegally provided proprietary subscriber data in advance of Netflix’s earnings announcements.

Insider trading is punishable by up to 20 years in prison and a $5 million fine.