Justin Chen and Jun Zhen were charged with insider trading after allegedly using confidential information from their firm, Edgar Filer 1, to trade shares before major announcements. They reportedly earned over $1.9 million in profits from trading four companies, identified as Ondas Holdings, Purple Innovation, SigmaTron International, and Signing Day Sports. Investigators noted a pattern where trades occurred just hours before announcements, and evidence suggested coordinated trading from a shared Brooklyn IP address. The firm had explicit internal policies against trading on non-public information, which were allegedly violated.
Chen and Zhen allegedly used confidential information to trade shares in companies just before major announcements that sent stock prices soaring, accruing over $1.9 million in profits.
The firm, Edgar Filer 1, had access to sensitive corporate news and employed Chen and Zhen to convert and typeset financial filings before submission to the SEC.
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