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.

Comments

Incompetence and negligence

[sinij]

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

Drag them all out into the street

[Rick Schumann]

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.

Re:Drag them all out into the street

[Tailhook]

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.

Re:Forfeiture of assets?

[slew]

So all those stock options are going to be seized and used to compensate everyone who suffered as a result of the breach right?

Maybe?

Although it is traditional that all the money the SEC collects simply goes to the US treasury, it is also possible for the money to be used to re-imburse other investors (under the Fair Funds for Investors provision of the Sarbanes-Oxley Act).

Of course this provision has rarely been used and is of no benefit to those that suffered from the breach (it only applies to investors).

I wish they would bring back public stoning.

So what other parts of Sharia law are you in favor of?

Former CIO?

[140Mandak262Jamuna]

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...

And his punishment will be ...

[fahrbot-bot]

... having is credit history maintained by Equifax.