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US charges ex-Goldman Chinese employee
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US securities regulators have filed charges against a former Goldman Sachs information technology employee who allegedly made over US$460,000 in illegal insider trades before fleeing to China.
Yue Han, 30, pocketed the money after trading stock options on four companies — Yodlee, Zulily, Rentrak and KLA-Tencor — advised by Goldman on impending buyout offers, according to charges filed by the US Securities and Exchange Commission.
Han gained access to bankers’ e-mail accounts because his job was developing surveillance software designed to monitor other employees for misconduct such as insider trading.
Han, a Chinese national, worked at Goldman from December 2014 to October 2015. He left New York City on October 22 for Shanghai, where he is believed to reside, the SEC said on Wednesday.
“We allege that Han’s employer gave him access to confidential information so that he could help the firm detect and deter illegal activity, but he betrayed that trust by using the information for his own profit,” said Joseph Sansone, co-chief of the SEC enforcement division’s market-abuse unit.
The SEC said it had obtained a federal court order freezing assets linked to Han.
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