A former Goldman Sachs banker has been sentenced to three months in prison for trading on inside information about company clients.Woojae 'Steve' Jung, 38, a South Korean citizen living in San Francisco who worked as a vice president at Goldman Sachs, pleaded guilty in December to helping his brother in South Korea trade by pointing him to stocks Jung had illicit tips on, according to a Bloomberg report.
"Woojae Jung used material nonpublic information stolen from his investment bank employer to net nearly $130,000 in illegal gains," U.S. Attorney Geoffrey Berman in Manhattan said in a statement.
Prosecutors had recommended that Jung serve 18 to 24 months behind bars, citing federal sentencing guidelines. Jung had asked the judge to spare him prison, saying in a letter that he made the trades to help his brother, who had a gambling problem.
Woojae Jung used material nonpublic information stolen from his investment bank employer to net nearly $130,000 in illegal gains"
Jung took full responsibility for his wrongdoing and had asked the judge to spare him prison.
The ex-banker had secretly opened a separate account in a friend's name and used it to facilitate his brother's trades in shares of at least 10 companies based on inside information he got about deals involving the bank's customers.
"We're very pleased that the judge imposed a below-guideline sentence," Jung's lawyer Patrick Smith said. As it is, Jung's conviction threatens his immigration status in the US and leaves him with "no realistic prospects for future employment in the financial services industry," his attorneys had said in a sentencing memorandum.