The U.S. Securities and Exchange Commission (SEC) on Wednesday said it has charged three former engineers at Netflix (NFLX.O) for trading on non-public information around the company’s subscriber growth that generated over $3 million in total profits.
The SEC’s complaint, filed in federal court in Seattle, charges the three former staffers with violating antifraud provisions and trying to evade detection by using encrypted messaging applications and paying cash kickbacks.
The defendants may also pay fines, the SEC said.
– Reuters