Ex-Goldman Sachs employee accused of using software to spy on bankers, trade illegally
Feng Li / Getty Images
Yue Han made more than $450,000 in illicit profits by buying shares of Yodlee, Zulily, Rentrak and KLA-Tencor Corp, the regulator said today. He also used his father, Wei Han's, trading account.
Han began working at Goldman late last year and was "assigned to a group tasked with enhancing the firm's ability to conduct electronic surveillance of its employees in order to identify insider trading and other misconduct," the SEC said. He had access to top bankers' emails as part of his work developing surveillance software to monitor for potential misconduct like insider trading.
Separately, Reuters reported Han has fled to China, where he is a citizen. Han told Reuters in an email that the SEC's claims "not true" and said he would have a lawyer respond to the lawsuit.
"If these allegations are true, Han violated our trust and ignored extensive training that he received," a spokesman for Goldman Sachs told Business Insider. "So we are pleased that the authorities are pursuing action against him."
"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 G. Sansone, Co-Chief of the SEC Enforcement Division's Market Abuse Unit. "Fortunately the SEC staff's probing analysis uncovered Han's suspicious trading and enabled us to obtain an asset freeze before he could dissipate his ill-gotten gains."
Business Insider attempted to reach out to Han through social networks and did not receive a response.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- Unemployment among Indian youth is high, but it is transient: RBI MPC member
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market