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(The Hollywood Reporter)   Netflix engineer gets two years in prison for insider trading, spoiling the end of Squid Game   (hollywoodreporter.com) divider line
    More: Followup, Insider trading, Sung Mo Jun, Fraud, Securities fraud, Stock, Stock market, Pleas, Plea  
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1086 clicks; posted to Entertainment » on 04 Dec 2021 at 5:05 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



38 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-12-04 6:28:13 AM  
Shoulda run for congress.
 
2021-12-04 6:59:51 AM  
Get the lights, this thread is over.
 
2021-12-04 7:08:23 AM  
Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando
 
2021-12-04 7:23:54 AM  

Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando


By making it a "crime," and occasionally jailing people who were too flamboyant for their own good, we can convince the proles that the stock market isn't rigged, that they too could become millionaires, and this isn't just a collection of insular plutocrats sapping every last drop from the country.

All about appearances.
 
2021-12-04 7:37:05 AM  

Fabric_Man: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

By making it a "crime," and occasionally jailing people who were too flamboyant for their own good, we can convince the proles that the stock market isn't rigged, that they too could become millionaires, and this isn't just a collection of insular plutocrats sapping every last drop from the country.

All about appearances.


Well that was very enlightening.

On a separate note, I almost wound up 6 feet deep in a swamp for keeping track of what cards were dealt while drunk at 2am.
 
2021-12-04 7:46:35 AM  

Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando


Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.
 
2021-12-04 7:56:59 AM  

Fabric_Man: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

By making it a "crime," and occasionally jailing people who were too flamboyant for their own good, we can convince the proles that the stock market isn't rigged, that they too could become millionaires, and this isn't just a collection of insular plutocrats sapping every last drop from the country.

All about appearances.


You sound poor.
 
2021-12-04 7:59:03 AM  
The ending of Squid Game sucked.
 
2021-12-04 8:02:38 AM  

AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.


It just seems like something that's hard to prove, unless there's some sort of paper trail.

Like with cards. How can you prove that I've been keeping track on what's been layed out or that I know what cards are about to be dealt, unless I'm dumb enough to have a phone or notes in my hand?

It seems like people who are busted for Insider trading are just careless or stupid. Or like Martha Stewart, were just high from smoking with Snoop too long.
 
2021-12-04 8:18:51 AM  
$15k fine on $3 million profit, sounds like a nice trade off.
 
2021-12-04 8:31:12 AM  

groppet: $15k fine on $3 million profit, sounds like a nice trade off.


The profits are taken away as ill-gotten gains, so they ended up with nothing.
FTA
"In addition to Jun and Chon's sentencing, they will each forfeit $495,188 and $1,582,885, respectively, to the U.S. based on the profit they made based on insider information.
 
2021-12-04 8:48:05 AM  

Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando


The ny stock exchange is rife with insider trading.
 
2021-12-04 8:49:30 AM  

AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.


Daytrading isnt investing

Its casino playing
 
2021-12-04 8:52:24 AM  

cloverock70: Shoulda run for congress.


Shoulda attacked congress. Woulda only got 2 weeks.
 
2021-12-04 8:54:59 AM  
It's not tough to get away with if your smart.  You can't just all of a sudden dump a million dollars on Netflix right before an earnings report which it sounds like they did.  Especially if you are a relative of an employee.  You have to mix it in with other stuff so it doesn't stand out.
 
2021-12-04 9:21:09 AM  

Mugato: AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.

It just seems like something that's hard to prove, unless there's some sort of paper trail.

Like with cards. How can you prove that I've been keeping track on what's been layed out or that I know what cards are about to be dealt, unless I'm dumb enough to have a phone or notes in my hand?

It seems like people who are busted for Insider trading are just careless or stupid. Or like Martha Stewart, were just high from smoking with Snoop too long.


Lol if I recall, Martha's mistake was *talking* to federal agents and she was jailed for what they claimed was a lie she told. You can't talk your way out of a charge. In almost all legal cases, your best bet to beat the charge is to stfu.

Back to insider trading, I'm sure Netflix offers it's employees stocks, and there are windows of time where employees can't buy or sell that stock, like before revenue announcements. If he was going around these sensible rules by using a third party, then yes he deserves jail time.

He was being greedy and got caught.
 
2021-12-04 9:26:00 AM  

Linux_Yes: AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.

Daytrading isnt investing

Its casino playing


You're wrong. Calling it a casino implies the house will always win, but in reality all you need to "win" at investing is a strategy and discipline. You can create a bot that follows rules and make you a lot of money.

Here ya go
 
2021-12-04 9:29:17 AM  

SPARC Pile: groppet: $15k fine on $3 million profit, sounds like a nice trade off.

The profits are taken away as ill-gotten gains, so they ended up with nothing.
FTA
"In addition to Jun and Chon's sentencing, they will each forfeit $495,188 and $1,582,885, respectively, to the U.S. based on the profit they made based on insider information.


Well that is better guess since they are not incorporated they are screwed. I was just guessing they got two years and the $15k. Next time you do this make sure you incorporate first.
 
2021-12-04 9:54:59 AM  

Wine Sipping Elitist: Linux_Yes: AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.

Daytrading isnt investing

Its casino playing

You're wrong. Calling it a casino implies the house will always win, but in reality all you need to "win" at investing is a strategy and discipline. You can create a bot that follows rules and make you a lot of money.

Here ya go


Hey!!

Make money off a company where you added no value to the company.

You took it from the labor that did add value to the company!

You must be a murcan capitalist........
 
2021-12-04 10:10:38 AM  

Linux_Yes: Make money off a company where you added no value to the company.


Well it's obvious you have no comprehension as to how stocks work.
 
2021-12-04 10:19:56 AM  

Mugato: AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.

It just seems like something that's hard to prove, unless there's some sort of paper trail.

Like with cards. How can you prove that I've been keeping track on what's been layed out or that I know what cards are about to be dealt, unless I'm dumb enough to have a phone or notes in my hand?

It seems like people who are busted for Insider trading are just careless or stupid. Or like Martha Stewart, were just high from smoking with Snoop too long.


There generally does need to be a paper trail or at least witnesses. In Stewart's case, even though she wasn't charged with insider trading the person who gave her the tip confessed to doing it. Then she lied about it. With that House member from NY, he was on the board of the company and had just gotten a presentation on the approval failure of the product. Then he called his brother immediately after. Brother immediately sold stock. The thing about insider trading is that there are usually a limited number of people who have access to the information.
 
2021-12-04 10:22:48 AM  

Wine Sipping Elitist: Linux_Yes: AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.

Daytrading isnt investing

Its casino playing

You're wrong. Calling it a casino implies the house will always win, but in reality all you need to "win" at investing is a strategy and discipline. You can create a bot that follows rules and make you a lot of money.

Here ya go


The house is this case is the trading exchange. You are "playing" against other buyers and sellers of stock. The exchange collects fees on every trade just like the house takes a cut of the pot in poker. So yes, the house does win no matter what.
 
2021-12-04 10:35:07 AM  

SirDigbyChickenCaesar: Linux_Yes: Make money off a company where you added no value to the company.

Well it's obvious you have no comprehension as to how stocks work.


A real company owner puts something of value back into the company.

Owning stock for everyone else is just looking for freebies

Freebies created by company employees.

Often underpaid company employees.

And if the company needs to expand and buy more capital to do so, they get a bank loan.

Handing out freebies to sit at home stock owners sounds like socialism.
 
2021-12-04 11:10:25 AM  

Linux_Yes: SirDigbyChickenCaesar: Linux_Yes: Make money off a company where you added no value to the company.

Well it's obvious you have no comprehension as to how stocks work.

A real company owner puts something of value back into the company.

Owning stock for everyone else is just looking for freebies

Freebies created by company employees.

Often underpaid company employees.

And if the company needs to expand and buy more capital to do so, they get a bank loan.

Handing out freebies to sit at home stock owners sounds like socialism.



Well it's obvious you have no comprehension as to how stocks work.
 
2021-12-04 11:45:51 AM  
That'll teach the lower ranking plebs to stay out things their caste is not entitled to.
Insider trading is only for the elite upper echelons of society, not you lowly worker types.
 
2021-12-04 12:46:53 PM  

Linux_Yes: SirDigbyChickenCaesar: Linux_Yes: Make money off a company where you added no value to the company.

Well it's obvious you have no comprehension as to how stocks work.

A real company owner puts something of value back into the company.

Owning stock for everyone else is just looking for freebies

Freebies created by company employees.

Often underpaid company employees.

And if the company needs to expand and buy more capital to do so, they get a bank loan.

Handing out freebies to sit at home stock owners sounds like socialism.


Wow that's a lot to unpack.  But basically  you are ok with banks lending money for a profit but not the average joe?  Wouldn't the banks, who are lending out your money by the way, be worse?  I guess not in your world.
 
2021-12-04 12:55:17 PM  

cloverock70: Shoulda run for congress.


Going to say that his crime was he didn't steal enough.
 
2021-12-04 1:17:59 PM  

Linux_Yes: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

The ny stock exchange is rife with insider trading.


Did you know water is wet?
 
2021-12-04 2:43:53 PM  

SirDigbyChickenCaesar: Wow that's a lot to unpack. But basically you are ok with banks lending money for a profit but not the average joe? Wouldn't the banks, who are lending out your money by the way, be worse? I guess not in your world.


Not to mention; if you are a publicly traded company, you don't 'go to the bank' for a loan, you just sell more stock (to those evil capitalists).

And did he say "to buy more capital"?  He does know capital is money, right?
 
2021-12-04 3:08:42 PM  
From TFA linked in TFA:

The ex-engineer, Sung Mo "Jay" Jun, and his brother, Joon Mo Jun, are expected to be sentenced on Dec. 3. According to the plea agreement, Sung Mo Jun used private information about Netflix's subscriber numbers to tip off his brother and their close friend, Junwoo Chon, on buying and selling Netflix stock. After Chon made a profit, he paid Sung Mo Jun $60,000 in cash for his assistance, the U.S. Attorney's Office for the Western District of Washington said.

Oh come on!  That is so beyond stupid that I don't even think Matt Levine's "Rules of Insider Trading" even cover doing something that obvious and dumb.  Why not just send a Tik Tok with your confession to the SEC?
 
2021-12-04 4:05:51 PM  

Mugato: AppleOptionEsc: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

Insider trading is like playing poker with the knowledge of the next 5 cards in the deck of a 6 person game. You know what's coming, but you don't have a "lock" on it, but close enough to know how the table will react. You can hit, stay or fold, or just tell your friends what is going on.

It's rigging bets.

It just seems like something that's hard to prove, unless there's some sort of paper trail.

Like with cards. How can you prove that I've been keeping track on what's been layed out or that I know what cards are about to be dealt, unless I'm dumb enough to have a phone or notes in my hand?

It seems like people who are busted for Insider trading are just careless or stupid. Or like Martha Stewart, were just high from smoking with Snoop too long.


Counting cards in blackjack and knowing the next several cards in poker are two very different things.

And perhaps in the world of stocks, a comparison might be being aware of industry trends to best guess what stocks to bet on vs knowing specific imminent information about a company that tells you specifically what to do.
 
2021-12-04 4:21:15 PM  
Tried counting cards, didn't do any good. What am I supposed to do with the information that they're are indeed 208 cards in those four decks? I know there is, I counted them.
 
2021-12-04 4:21:30 PM  

Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando


not really. I work for  large company and I get a heads up early if we plan to buy out another company. if we do that company's stock will go up. I could make a lot of money by getting in early with information only a few people have. I also know when an internal project will be shut down which could drop our own stock so I could dump it before the public release of the information or short it.
it really comes down to profiting off of information that is not yet public.
it is not counting cards it is having the dealer tell only you what the next ten cards will be.
 
2021-12-04 4:22:47 PM  

brainlordmesomorph: SirDigbyChickenCaesar: Wow that's a lot to unpack. But basically you are ok with banks lending money for a profit but not the average joe? Wouldn't the banks, who are lending out your money by the way, be worse? I guess not in your world.

Not to mention; if you are a publicly traded company, you don't 'go to the bank' for a loan, you just sell more stock (to those evil capitalists).

And did he say "to buy more capital"?  He does know capital is money, right?


Well technically they all have a credit line with banks to balance out with cash flow but those poor banks aren't sit at home investors according to this idiot.
 
2021-12-04 4:25:10 PM  

chucknasty: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

not really. I work for  large company and I get a heads up early if we plan to buy out another company. if we do that company's stock will go up. I could make a lot of money by getting in early with information only a few people have. I also know when an internal project will be shut down which could drop our own stock so I could dump it before the public release of the information or short it.
it really comes down to profiting off of information that is not yet public.
it is not counting cards it is having the dealer tell only you what the next ten cards will be.


Insider information is different than insider trading.
 
2021-12-04 4:28:41 PM  

SirDigbyChickenCaesar: chucknasty: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

not really. I work for  large company and I get a heads up early if we plan to buy out another company. if we do that company's stock will go up. I could make a lot of money by getting in early with information only a few people have. I also know when an internal project will be shut down which could drop our own stock so I could dump it before the public release of the information or short it.
it really comes down to profiting off of information that is not yet public.
it is not counting cards it is having the dealer tell only you what the next ten cards will be.

Insider information is different than insider trading.


if you use insider info to steer your trades that is insider trading, no?
 
2021-12-04 4:32:23 PM  

chucknasty: SirDigbyChickenCaesar: chucknasty: Mugato: Insider trading to me is like counting cards in blackjack. I don't see how it's a crime.

/banned from the Hard Rock casino in Orlando

not really. I work for  large company and I get a heads up early if we plan to buy out another company. if we do that company's stock will go up. I could make a lot of money by getting in early with information only a few people have. I also know when an internal project will be shut down which could drop our own stock so I could dump it before the public release of the information or short it.
it really comes down to profiting off of information that is not yet public.
it is not counting cards it is having the dealer tell only you what the next ten cards will be.

Insider information is different than insider trading.

if you use insider info to steer your trades that is insider trading, no?


No you can invest/divest in your own company you just have to make it clear what you are doing.
 
2021-12-04 6:44:35 PM  
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