A former Netflix developer, a friend has been convicted of an internal trading system

The group illegally made more than $ 3 million using non-public data on subscriber growth - a key metaphor that affected stock value.

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source: https://ibb.co/4RVQkBH

The group illegally made more than $ 3 million using non-public data on subscriber growth - a key metaphor that affected stock value.

A former Netflix software engineer and his friend were sentenced to life in prison on Friday for an in-house trading system that relied on subscriber information to make more than $ 3 million, state prosecutors in Seattle said.

Former software engineer Sung Mo Jun, 49, was sentenced to two years in prison and his friend Junwoo Chon, 50, to one year and two months in prison. Both pleaded guilty in August.

Two other people - Jun's brother and a different Netflix engineer - are also involved and have pleaded guilty.

U.S. Attorney Nick Brown stated that both Jun and Chon had well-paying jobs but that “greed led them to break the law in order to increase their wealth, paying others.

While Jun was a Netflix software engineer, he provided Chon and his brother Joon Jun with details of Netflix subscribers. The two men then made money by buying and selling Netflix securities, giving the software developer a cut.

Sung Mo Jun left Netflix in 2017 but the Netflix engineer he advised, Ayden Lee, gave him the inside details of the registration after the departure, according to court documents.

In this case, Sung Mo Jun began trading and sharing information with his brother and Chon, agreeing to a plea agreement.

They bought phone options before Netflix announced the salaries and information of subscribers, court documents said.

Subscriber growth is a key metaphor for stock prices, say documents.

Attorneys for Sung Mo Jun and Chon, two men sentenced on Friday, were not returned on Friday night.

Joon Jun and Lee also pleaded guilty and are expected to be sentenced next year, prosecutors said. 

Sung Mo Jun left Netflix in 2017 but the Netflix engineer he advised, Ayden Lee, gave him the inside details of the registration after the departure, according to court documents.

In this case, Sung Mo Jun began trading and sharing information with his brother and Chon, agreeing to a plea agreement.

They bought phone options before Netflix announced the salaries and information of subscribers, court documents said.