Not many people know the full story of Netflix’s viewership and subscriber numbers. Those that do tend to, you know, work there, and, well….

The SEC complaint said that the person at the center of the scheme, Sung Mo Jun, traded on nonpublic information about the growth of the platform's subscriber base, both while he was employed at Netflix and after he left the company in 2017.

Sung Mo Jun allegedly involved two other Netflix employees, who also shared the information with Sung Mo Jun's brother and a close friend who used it to trade stocks in advance of Netflix's earnings reports.

The SEC says the group used encrypted messaging apps to trade stock tips without being detected, netting $3.1 million over the course of three years.

Three former Netflix engineers charged with insider trading [CNN]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.


Ineffective way of determining preferences. By Taro the Shiba Inu [CC BY 2.0], via Wikimedia Commons

Netflix Faces Stiff Swedish Competition

Good streaming services copy, great streamers steal.

long island iced tea

Former Long Island Iced Tea Allegedly Doing Some Long Island Insider Trading

Certainly more than its doing any iced tea, or blockchain, for that matter. Allegedly.

Uh, where is everybody? where did they go? this is a long caption. really long. does it wrap? By Kevin Hutchinson (Flickr) [CC BY 2.0], via Wikimedia Commons

Stock Exchanges Don’t Have To Do Thing They Very Much Don’t Want To At Their Own Expense

If the SEC wants to know how rebates impact stock trading, they’ll have to figure it out themselves.


Private Equity Exec. Indicted In College Admissions Scandal Must Really Like Going To Court

The first time wasn’t voluntary, but the lawsuit against Netflix very much is.


Robinhood Has A Couple Of Teensy Things To Get Off Its Chest Before Tomorrow’s IPO

We’re sure you’ll agree with it that probes into potential insider-trading and whether its CEO should be allowed to be its CEO are nothing to worry about.