Former Equifax executive charged with insider trading
A former senior Equifax executive has been charged with insider trading.
Jun Ying, Equifax’s former US chief information officer, made nearly $1 million by exercising and selling all his company stock options before Equifax made its mega-breach public, according to an SEC complaint filed Wednesday.
Ying avoided $117,000 in losses in the sale. In September 2017, Equifax announced that the personal information of more than 140 million Americans had been compromised in a massive data breach.
“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,” said Richard Best, director of the SEC’s Atlanta Regional Office, in a statement.
Separate criminal charges were also filed against Ying by federal prosecutors in Atlanta.
The SEC said its investigation is ongoing.
In September, the credit reporting agency disclosed the names of three other Equifax executives who sold shares of the credit bureau worth nearly $2 million shortly after the massive data breach was discovered.
Equifax Chief Financial Officer John Gamble sold shares worth nearly $950,000 on August 1. Joseph Loughran, Equifax’s president for U.S. information solutions, sold shares worth about $685,000 on August 1 as well. And Rodolfo Ploder, president of workforce solutions, sold stock for just more than $250,000 on August 2.
The company found that none of those executives knew about the breach when they sold their stock.