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A former Equifax executive faces insider trading charges for dumping nearly $1 million of company stock just days before the credit reporting company announced a massive data breach last summer.
The U.S. attorney in Atlanta said Jun Ying, 42, was indicted Tuesday by a federal grand jury on criminal charges. The Securities and Exchange Commission filed civil insider trading charges on Wednesday.
Ying, who was to become the company's next chief information officer, used confidential information to exercise his vested Equifax stock options and then sell the shares before the company publicly reported a breach that affected more than 145 million people, investigators said.
Because of the trades, Ying was able to avoid $117,000 in losses, the SEC said Wednesday. He sold the equivalent of $950,000 in stock.
He was the chief information officer of one of Equifax's business units and a leading candidate to take on the top CIO role at the company. The SEC said he was offered the global CIO job on Sept. 15, one week after the company disclosed the data breach and the day the sitting CIO resigned.
https://www.cnbc.com/2018/03/14/for...ith-insider-trading-ahead-of-data-breach.html
The U.S. attorney in Atlanta said Jun Ying, 42, was indicted Tuesday by a federal grand jury on criminal charges. The Securities and Exchange Commission filed civil insider trading charges on Wednesday.
Ying, who was to become the company's next chief information officer, used confidential information to exercise his vested Equifax stock options and then sell the shares before the company publicly reported a breach that affected more than 145 million people, investigators said.
Because of the trades, Ying was able to avoid $117,000 in losses, the SEC said Wednesday. He sold the equivalent of $950,000 in stock.
He was the chief information officer of one of Equifax's business units and a leading candidate to take on the top CIO role at the company. The SEC said he was offered the global CIO job on Sept. 15, one week after the company disclosed the data breach and the day the sitting CIO resigned.
https://www.cnbc.com/2018/03/14/for...ith-insider-trading-ahead-of-data-breach.html
