Former Equifax Exec Charged With Insider Trading

Former Equifax Exec Charged With Insider Trading

Jun Ying, the former chief information officer of Equifax's core US consumer reporting division, exercised all of his vested stock options and sold almost $1 million in shares a little more than a week before Equifax announced that hackers had broken into its systems, according to the Securities and Exchange Commission.

The exec allegedly sold his company stock before announcing last year's massive data breach the company experienced.

"Corporate insiders who learn inside information, including information about material cyber intrusions, can not betray shareholders for their own financial benefit", said Richard Best, Director of the SEC's Atlanta office.

We're working to learning about text messages the suspect allegedly sent before the data breach, for Channel 2 Action News at Noon.

The complaint said that by doing so, he had "avoided more than $117,000 in losses".


You may remember that Equifax's hacker was said to have exploited an Apache Struts vulnerability (CVE-2017-5638) in the company's online dispute web portal to access personal information without authorisation. Ying's browsing history shows that he received results showing Experian's stock price fell four percent following news of the breach, which was smaller than the one that had hit Equifax.

CFO John Gamble sold nearly $950,000 worth of shares, and US information solutions president, Joseph Loughran, sold shares worth about $685,000 on August 1. Later that morning, Ying exercised all of his available stock options held at UBS Financial Services, resulting in him receiving 6,815 shares of Equifax stock, which he then sold.

A federal grand jury on Tuesday indicted Jun Ying, 42, the former chief information officer of Equifax's U.S. Information Solutions, part of the Atlanta-based credit reporting company.

It was not immediately clear whether Ying had an attorney who could comment on the charges. That represented a gain of more than $480,000, prosecutors said.

"As announced in the press release, Equifax discovered the cybersecurity incident on Saturday, July 29".

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