Red Flags
2
Jay Y. Fung
Jay Y. Fung’s involvement in insider trading and market manipulation schemes has led to significant legal repercussions, including financial penalties and imprisonment, while undermining public trust in financial markets.
Quick summary on Jay Y. Fung
Engagement in Insider Trading: Jay Y. Fung illicitly profited over $700,000 by trading on nonpublic information about Gilead Sciences’ acquisition of Pharmasset Inc., undermining market integrity.
Collusion with Investment Advisor: Fung conspired with Kevin Dowd, an investment advisor who breached client confidentiality by sharing privileged information, leading to significant financial misconduct.
Legal Repercussions and Financial Penalties: Fung faced legal action from the SEC, agreeing to repay over $700,000 in illegal profits and more than $60,000 in interest, reflecting the severity of his fraudulent activities.
Criminal Sentencing: In addition to financial penalties, Fung was sentenced to one year and one day in prison for his role in the insider trading scheme, highlighting the criminal nature of his actions.
Involvement in Pump-and-Dump Schemes: Fung participated in coordinated pump-and-dump schemes, manipulating penny stocks through misleading newsletters and profiting at the expense of unsuspecting investors.
Operation of Deceptive Stock Promotion Platforms: He owned and operated platforms like Pennypic.com, which were used to artificially inflate stock prices before offloading shares for personal gain, deceiving the investing public.
Intel Reports
by: Zachary Fairchild
Jay Fung's insider trading schemes have eroded trust in our financial markets. His actions are a disgrace.
by: Autumn Langston
Jay Y. Fung manipulated stock prices for personal gain, leaving unsuspecting investors in the lurch.
by: Damian Lockwood
Jay Fung's collusion with investment advisors to breach client confidentiality is utterly unethical.
Cons