Slashdot Mirror

← Back to Stories (view on slashdot.org)

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. Drag them all out into the street by Rick+Schumann · · Score: 4, Interesting

    Bring back the guillotine. Chop all their heads off, plant them on poles as a warning to the rest of the 'financial community' to NOT FUCK UP.
    Like everyone else I'm sitting here wondering if the coin landed 'heads' or 'tails' so far as my entire identity having been stolen or not.

  2. Former CIO? by 140Mandak262Jamuna · · Score: 5, Interesting
    So this is the person replaced by the Music Major, right?

    And this guy is so inept he left behind an audit trail while planning to do some insider trading.

    How did anyone this incompetent rise to that level on such a critical position in the company? Just yesterday I interviewed a PhD candidate has published six papers as first author, fantastic work that must have taken couple of years of relentless of toiling. Whether I hire him or neither he nor a legion of candidates like this are struggling to get 100K jobs. And this doofus gets to be the CIO with stock options and million dollar pay benefit packages...

    --
    sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
    1. Re:Former CIO? by Anonymous Coward · · Score: 2, Interesting

      It is easy to be a CIO.

      First, work in tech for a few years.
      Second, find a company that has never outsourced. Middle market banks make good targets. Middle Market health care too.
      Third, layoff and outsource.
      Fourth, put in linked in how you saved millions.
      Fifth, get CIO job at fortune 500 just before #3 backfires and your downtime hits twitter.

  3. Re:What happened to ... by Luthair · · Score: 3, Interesting

    Well there were 4 other C-level executives who also traded who have not been charged. Even if they don't have a smoking gun its impossible to believe they weren't aware there were problems.

  4. Others got by just fine... by edi_guy · · Score: 3, Interesting
    From Bloomberg article: "Three Equifax Inc. senior executives -- Chief Financial Officer John Gamble, and unit presidents Joseph Loughran and Rodolfo Ploder -- sold shares worth almost $1.8 million in the days after the company discovered the breach. Equifax has said those three executives had not been informed of the incident when they initiated the sales."

    Sounds like his bosses found themselves a patsy.