(HedgeCo.Net) The Securities and Exchange Commission has charged a former chief information officer of a U.S. business unit of Equifax with insider trading in advance of the company\u2019s September 2017 announcement about a massive data breach that exposed the social security numbers and other personal information of about 148 million U.S. customers. <\/p>\n
According to the SEC\u2019s complaint, Jun Ying, who was next in line to be the company\u2019s global CIO, allegedly used confidential information entrusted to him by the company to conclude that Equifax had suffered a serious breach. The SEC alleges that before Equifax\u2019s public disclosure of the data breach, Ying exercised all of his vested Equifax stock options and then sold the shares, reaping proceeds of nearly $1 million. According to the complaint, by selling before public disclosure of the data breach, Ying avoided more than $117,000 in losses.<\/p>\n
\u201cAs alleged in our complaint, Ying used confidential information to conclude that his company had suffered a massive data breach, and he dumped his stock before the news went public,\u201d said Richard R. Best, Director of the SEC\u2019s Atlanta Regional Office. \u201cCorporate insiders who learn inside information, including information about material cyber intrusions, cannot betray shareholders for their own financial benefit.\u201d<\/p>\n
The U.S. Attorney\u2019s Office for the Northern District of Georgia today announced parallel criminal charges against Ying.<\/p>\n
The SEC\u2019s complaint charges Ying with violating the antifraud provisions of the federal securities laws and seeks disgorgement of ill-gotten gains plus interest, penalties, and injunctive relief.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) The Securities and Exchange Commission has charged a former chief information officer of a U.S. business unit of Equifax with insider trading in advance of the company\u2019s September 2017 announcement about a massive data breach that exposed the social […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-62812","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/62812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=62812"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/62812\/revisions"}],"predecessor-version":[{"id":62813,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/62812\/revisions\/62813"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=62812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=62812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=62812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}