As per the report of Securities & Exchange Commission (SEC) 3 former employees were caught-red-handed trading insider information about Netflix’s subscriber growth. These former employees received a handsome profit of $3.1 million for this fraudulent activity. These former employees had worked as software engineers at Netflix. A Sung-Mo ‘Jay’ Jun was the kingpin of the insider information trading ring. He accessed highly confidential information on Netflix’s subscriber growth and passed it to his brother Joon Mo Jun and associate Jun-woo Chon of the streaming giants quarterly earnings from 2016-19. Jun left Netflix in 2017 but he continued to get insider scoops from Ayden Lee – another software engineer from 2017-19. Sung-Mo Jun, Joon Mo Jun, Chon, and Jae Hyeon Bae – another employee misused the group’s messaging platform to share both insider information and trading tips.
Netflix is yet to comment on these reports.