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Former Equifax CIO Charged With Insider Trading (bloomberg.com)

Posted by msmash on from the gift-that-keeps-giving dept.

OffTheLip writes: Jun Ying, a former CIO with Equifax has been charged with insider trading by the US Department of Justice. From the linked article:

Wednesday's announcement marks the first criminal charge brought in one of the largest data breaches in history. Ying, the former chief information officer for Equifax's U.S. information-solutions business, used confidential information entrusted to him by the company to determine it had been hacked, according to a separate complaint filed by the Securities and Exchange Commission.

ZDNet adds: According to a Justice Department statement, Ying sent a text message to a colleague two weeks before Equifax revealed the hack, in which he said the breach "sounds bad." Three days later, Ying searched the web to research the effect of Experian's 2015 own breach on its stock price. Later that day, Ying excised all his available stock options.


5 of 90 comments (clear)

  1. Incompetence and negligence by sinij · · Score: 5, Insightful

    Insider trading on his own incompetence and negligence is criminal, but incompetence and negligence itself is not punished in any way.

    1. Re:Incompetence and negligence by jellomizer · · Score: 1, Insightful

      Just normal Incompetence is punishable, then we would all be in jail. Every day we are to push to areas where we havn't been before, and when doing something new or out of your comfort zone mistakes are made.
      A Company CEO takes a lot of risks, and is constantly out of their zone. So their job demands them to be incompetent. If competent, then the company will stagnate and fall behind.
      Mistakes are always made, now you cross the line when you use these mistakes to short sell the company your job is to help grow.

      --
      If something is so important that you feel the need to post it on the internet... It probably isn't that important.
    2. Re:Incompetence and negligence by Anonymous Coward · · Score: 2, Insightful

      Up next, Intel's CEO?

  2. Re: Close one by Anonymous Coward · · Score: 0, Insightful

    Yeah there's no insider trading in the Trump admin, good point. Republicans in 2018, is there anything more pathetic? Haha, oh by the way nice job with the fiscal responsibility and family values tour.

    Ben Carson will pick out your prison furnishings, don't worry, he'll keep it secret this time.

  3. Re:Drag them all out into the street by Tailhook · · Score: 5, Insightful

    as a warning to the rest of the 'financial community' to NOT FUCK UP.

    The "rest of the 'financial community'" understands that the "FUCK UP" here was a traceable use of the Internet and text messages.

    --
    Maw! Fire up the karma burner!