Economy

Equifax exec charged with insider trading, selling shares ahead of hack news

Equifax exec charged with insider trading, selling shares ahead of hack news

A former Equifax executive has been charged with insider trading after he sold almost $1m of shares in the credit agency before the company announced a huge data breach.

According to the SEC, Ying, who was next in line to be Equifax's global CIO, "used confidential information entrusted to him by the company to conclude that Equifax had suffered a serious breach".

Ying is also facing criminal charges from the US Attorney's Office for the Northern District of Georgia, SEC said.

He added: "Corporate insiders who learn inside information, including information about material cyber intrusions, can not betray shareholders for their own financial benefit".

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

Over the next few hours, Ying allegedly received numerous additional indications that Equifax was the company hit by the breach he and his team were responding to.

More news: United Airlines mistakenly sent family's dog to Japan

Ying avoided $117,000 in losses because of the timing of his sale, the SEC said in a civil complaint. The following Monday, Ying conducted web searches on the impact of Experian's 2015 data breach on its stock price.

It appears at least one exec, namely Jun Ying, CIO of the U.S. information solutions unit and a rising star in Equifax, may have used the time delay and his inside knowledge to cash in his shares before the price crashed, the Securities and Exchange Commission stated.

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

Shares of the Atlanta-based credit reporting firm plunged in early September after the company revealed it was the victim of a data breach.

Equifax's interim chief executive said in a statement that Ying left the company after it reviewed Ying's trading activity and concluded he had violated its trading policies.

Jun Ying, who was the company's CIO at the time the company was hacked last summer, will be arraigned in federal court this week on charges of insider trading, according to the Department of Justice. "We are fully cooperating with the DOJ and the SEC, and will continue to do so".


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