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Former Equifax CIO Charged With Insider Trading (bloomberg.com)
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.
Insider trading on his own incompetence and negligence is criminal, but incompetence and negligence itself is not punished in any way.
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!