Brooklyn Duo Charged in $1M Insider Trading Scheme Involving SEC Filings

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2025-06-30 09:52:02

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Two employees of a private firm handling SEC filings have been charged with orchestrating a $1 million insider trading scheme. Justin Chen, 31, and Jun Zhen, 29, allegedly exploited their access to confidential corporate data, trading on non-public information from companies like Purple Innovation and Signing Day Sports.

Prosecutors revealed a coordinated effort, with trades placed minutes apart ahead of merger announcements. The case highlights vulnerabilities in the filing process, though authorities emphasize the defendants were not SEC employees. "Misleading headline," noted former SEC official Marc Fagel. "They worked for a private firm that helps companies with EDGAR filings."

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SEC-EDGAR Filing Employees Charged for $1M Insider Trading Scheme

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