Goldman Sachs investment banker arrested on insider trading charges

A 37-year-old investment banker for Goldman Sachs was arrested Thursday on charges he used inside information on mergers for which the company was a financial adviser to garner more than $130,000 on stock trades.

Woojae “Steve” Jung, 37, of San Francisco, was charged with six counts of securities fraud and one count of conspiracy, according to the U.S. Attorney’s Office in Manhattan, where Goldman is headquartered.

Goldman, which is one of the six largest U.S. banks and has policies barring employees from any improper use of confidential information, said it’s aware of the charges and is cooperating with federal investigators. Jung has been placed on leave, according to a person familiar with the matter.