Equifax Web Site Designer Fined $50,000 And Confined To Home Over Insider Trading (zdnet.com)
An anonymous reader writes:
A 44-year-old, Georgia-based programmer -- who'd been working at Equifax since 2003 -- has been sentenced to eight months of home confinement and a $50,000 fine for insider trading. Working as Equifax's Production Development Manager of Software Engineering in August of 2017, he'd been asked to create a web site where customers could query a database to see if they were affected by a yet-to-be-announced security breach for a high-profile client. Guessing correctly that it was his own employer's breach, he'd used his wife's brokerage account to purchase $2,166.11 in "put" options betting that Equifax's stock price would tumble -- and when it did, he'd scored a hefty profit of $75,167.68.
"As part of his SEC settlement, he must also forfeit $75,979, the ill-gotten funds, plus interest," ZDNet reports, noting that the transactions "came to light after Equifax started internal investigations into several reported cases of employee insider trading." Another federal complaint also alleges that another Equifax executive avoided $117,000 in losses by selling all $1 million of his stock options -- the same day he'd performed a web search about how Experian's stock was affected by a 2015 security breach, but two weeks before Equifax's breach was announced. That case is still ongoing.
"As part of his SEC settlement, he must also forfeit $75,979, the ill-gotten funds, plus interest," ZDNet reports, noting that the transactions "came to light after Equifax started internal investigations into several reported cases of employee insider trading." Another federal complaint also alleges that another Equifax executive avoided $117,000 in losses by selling all $1 million of his stock options -- the same day he'd performed a web search about how Experian's stock was affected by a 2015 security breach, but two weeks before Equifax's breach was announced. That case is still ongoing.
Seems like he still did ok on his 2K investment.
Finally, the guilty part was found and rightly punished. I think we call now sleep better at night.
greed fear ego based endeavors all end the same way? cease fire stand down.. truth+mercy=justice..
they'll surely get the REAL pain, right?
Another example of goverment failure but liberal biased Slashdot.Org refuses to admit it. Instead blaming private companies as usual. libtard reality distortion in affect.
What I'm most curious about in this story, is how did Equifax figure out that this guy bought these put options? What kind of access does Equifax have to his wife's brokerage accounts?
Guy got 75k out of it and gets arrested and fined 50 grand on top of having to forfeit everything he gotten that way. And confined to his home.
Say, how again were the C-Levels punished whose criminal negligence caused all this to happen in the first place? A couple millions probably. And confined to the home they built with those millions, I guess.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
'sacrificial lamb' ring a bell, omfg.
BULLSHIT.
You password-stealing fuck. You need to type in your admin password to edit your HOSTs in MacOS.
Prove your shit is legit and release the entirety of your source code for review. Digitally sign your binaries and demonstrate build reproducibility or your software can never be trusted.
Equifax screws up & releases all our data to the scamming world causing millions (billions?) of dollars in damage to people who arent even really their customers & then attempts to charge us fees to fix the mess that THEY created.... no big deal, business as usual.
Equifax employee steals a few bucks from Wall street... HANG EM!!!
This country is all about Rich CEOs getting away with murder and turning the other way to catch the li'l guys to satisfy the public as it will be splattered all over news sites. Fucking corrupt bastards in the top cop world who control who is culpable. But the idiot reporters will still be after Trump's blood in the news instead of this. Dont expect anything better from this.
if congress does it, it is called good business.
Have gnu, will travel.
You can't even make up your own damn memes.
No wonder why so many want mommy gov to take care of everything. No free thought of their own.
So if he guessed correctly, he was never told who the client was?
Should have stolen a lot more then he could have bribed his way out. That's the American way.
Unless they told him formally or at the water cooler it was his own employer, it is absolute bullshit to charge him with insider trading. What's next? Going to charge government contractors for doing option trading if they hear a government manager say a huge contract is about to be pulled? This is not what insider trading is supposed to be about, but that doesn't really matter because laws are only for the little guy.
Only merkins would stand by while all the greed driven stupidity occurs. No fucking balls to stand up for yourselves. "fuck you I got mine". You and your president deserve each other. Make merka Greedy and Narcissistic Again.
If they are recording all our searches then Google is violating the GDPR because when you download your data from Google it does NOT include all your searches.
The little guys cheat a bit and get stomped on immediately.
Whereas the big bankers and wall street folks steal billions from us and get away scot free every day.
Just shows you how things are stacked. We need change.
The acting CIO has multiple federal charges. He's already done some jail time, and he's going to prison.
The acting CIO, Jun Yung, actually has multiple federal charges. He's already done some jail time, and he's going to prison.
Funny how making shit up that is the opposite of the actual facts gets modded +4. People sure do enjoy being jealous of the boss.
No one has been held responsible for one of the largest data breaches in this country's history from this same company, nor has the company been fined in the U.S. for the data breach, whereas the fine in the UK was a piddling $500K.
We all complain about this crap, but we also elect the same sorts of folks who allow it. Over and over again. There were plenty of viable primary challengers this time around who refuse corporate PAC money. Most lost. For all the talk nobody shows up to vote, or if they do they vote the incumbent because they want to be safe, stay the course.
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You've treated people like shit online for at least two decades. It's absolutely beautiful to see you this butthurt as the favor is returned. I'm laughing at you while you sit there and post one angry comment after another.
You attack & impersonate 1st? I destroy you as I did on hosts + kernelmode too here https://tech.slashdot.org/comm...
* DUMBASS - when will "your kind" EVER LEARN? Tcpip.sys IS in kernelmode & here are settings for resolvers (hosts is one):
Windows Registry Editor Version 5.00
[HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\Tcpip\ServiceProvider]
"DnsPriority"=dword:00000006
"HostsPriority"=dword:00000005
"LocalPriority"=dword:00000007
"NetbtPriority"=dword:00000008
(LOWEST IS HIGHEST PRIORITY (& by default iirc, in Windows 7, hosts IS the 1st resolver).
I NEVER SAID DNS itself WAS IN THE KERNEL (hosts as a RESOLVER is for tcpip.sys afaik).
APK
P.S.=> I even pointed to the http.sys movement by MS for IIS to match what APACHE did for better performance & IF Linux isn't doing a KERNELMODE diskcache they're STUPID (faster by far as http.sys is for IIS now) & yes, hosts IS a filter for tcpip.sys
Mr. Impersonator of me: Still buttsore from an ASS-KICKING I gave you here https://tech.slashdot.org/comm... & https://tech.slashdot.org/comm... + https://tech.slashdot.org/comm... on hosts files, jew?
YES, obviously - lol, your "effete revenge" was DOWNMODS I ran you DRY of as always!
After you tried VAINLY to "downmod" HIDE all of that here & UNDENIABLE https://tech.slashdot.org/comm... LITERALLY (I just reposted to NULLIFY your 'wannabe weapon' NEUTRALIZING it & EXPOSING YOU LOSING to me, lol!).
APK
P.S.=> I love it - especially seeing u REDUCED to TRYING to LIE about me (or LIBEL me) as you IMPERSONATE me (proving you WISH you were me, but you're INFERIOR imitation (& just plain INFERIOR on ALL levels))... apk
https://tech.slashdot.org/comments.pl?sid=12520486&cid=57184660 - RAY MORRIS when we catch your nazi ass we're going to skin you alive for your propaganda FAGGOT.
I DON'T HAVE A MacOS X version! Thanks for MISTAKES YOU MADE vs. me listed below!
APK
P.S.=> Mistakes:
https://tech.slashdot.org/comm... (password & *NIX systems I account for vs. your lie)
https://tech.slashdot.org/comm... (my code's audited by a security pro @ MALWAREBYTES who HOSTS & RECOMMENDS it)
https://tech.slashdot.org/comm... (hosts = native kernelmode resolver filter in Windows - LINUX by diskcache DOES kernelmode cache reference of hosts OR SHOULD https://yro.slashdot.org/comme... & WHY w/ IIS/Apache e.g.)
https://tech.slashdot.org/comm... (PUTTING WORDS IN MY MOUTH! I NEVER SAID "dns is in the kernel" hosts AS A RESOLVER is in Windows, Linux partially (diskcache) but SHOULD ALL BE if not)
Hosts = native FASTEST RESOLVER pure kernelmode via IP stack + kernelmode diskcache subsystem (no context switch kernelmode FAST vs. SLOW USERMODE security issue riddled dnscache in Windows https://blogs.msmvps.com/acefe... that's faulty w/ large hosts... apk
The guy had sensitive, stock-moving, insider information. He knew the company stock was going down and bought "put" options to play that knowledge.
If he'd traded in **any** other stock, except his employer's, it wouldn't be illegal, but as an employee with sensitive, non-public, information about a public company, you are required NOT to trade in company stock based on that data.
Key employees get this talk as do all the CxO and Board Members, but someone doing programming may not know these things at a company the size of Equifax. He does now and everyone reading this story should know it too.
He can fight the charges and may get them dropped. Only time will tell. The fact that he guessed right isn't helping his legal situation.
Definitely NOT BS.
Anyone with key information isn't prohibited from buying or selling company stock, but to avoid any appearance of illegal activity, it is common to setup HR-approved scheduled, monthly purchases or monthly selling. There are forms to be filled out. Day trading in the company stock is definitely out.
Malwarebytes' Steven Burn audited my code & BOTH hosts + RECOMMENDS it forum.hosts-file.net/viewtopic.php?f=5&t=4290 vs. some NO-MIND like YOU that wouldn't know the 1st thing about it!
* I don't GIVE my work away to NO-MINDS like you either ("OpenSORES" code thieves) so you can either copy it to "claim as your own" OR alter it to make a doppleganger malware (which you MORONS threatened before no less like the PITIFUL "ne'er-do-well" DO-NOTHING CHUMPS you are).
That happened to GOOGLE w/ EFast. Not me.
APK
P.S.=> Dozens of REGISTERED /. users (+ 100,000 users worldwide) disagree with YOUR UNIDENTIFIABLE ANONYMOUS Weezil ass https://tech.slashdot.org/comm... as do FACTS on how FILES, even hosts files, cache in KERNELMODE on ANY OS for faster re-access (or does Linux libc calls HIT DISK everytime it accesses HOSTS as a resolver? LOL, if so)... apk
At least you admit to lying about the imminent release of a MacOS version.
See subject: his FAKEname on a post impersonating me https://linux.slashdot.org/com... & altering /.er's words.
c6gunner tried to mock me 1st https://linux.slashdot.org/com...
So I challenge c6gunner to show he did better work than mine & he CAN'T!
YOU DEMAND PROOF of others here?
"I've yet to see you provide any evidence of that." by c6gunner on Monday March 15, 2010 @10:02PM (#31490942) ?
So now I DEMAND IT OF YOU & YOU FAIL!
c6gunner = "Run, Forrest: RUN!!!
* c6gunner's LYING saying I did a MacOS X one - I haven't yet & c6gunner's LYING impersonating me saying hosts work vs. Intel CPU issues (spectre/meltdown).
APK
P.S.=> You say hosts = shit here https://slashdot.org/comments.... ?
FACTS: /.ers & security pros + RESULTS say DIFFERENT:
1st: /.ers https://slashdot.org/comments.... https://slashdot.org/comments.... https://slashdot.org/comments.... https://slashdot.org/comments.... https://slashdot.org/comments.... https://slashdot.org/comments....
2nd: SECURITY PROS https://slashdot.org/comments....
3rd: REAL RESULTS w/ hosts vs. threats https://slashdot.org/comments....
EAT YOUR WORDS!
c6gunner everyone saw your name on this post as the submitter signing off as me (APK) https://linux.slashdot.org/com... & altering /.er's words!
Why? After you INSULTED me I challenged YOU to show you've done better & YOU RAN since you have not https://linux.slashdot.org/com...
(but you sure insinuated I am a "bad programmer")
Funny so many here LIKE/USE/PRAISE my work (NOT your 'notware', lol).
So you resort to your CHILDISH lies &/or IMPERSONATING ME saying I have a MacOS X model & I DO NOT + that hosts 'cure INTEL spectre/meltdown' WHICH I DO NOT!
(or the download page @ Start64.com WOULD LIST HOSTS STOP Spectre/Meltdown & IT DOES NOT - my PROOF I never state that but I do on ALL ELSE hosts do for users).
APK
P.S.=> Why do you DO it? YOU lie & LOSE vs. ME constantly e.g. https://yro.slashdot.org/comme...
because the Ds at least have a small wing of the party that refuses corporate PAC money. There's gonna be at least 30 of them in the House after the election, maybe 40. I know of no such wing in the GOP. Even Rand Paul seems to be bought and paid for lately, having fallen in line with Trump on the various wars we're fighting (none of which have proper authorization or are even against countries that attacked us).
The Dems also have some folks who support issues that matter. I want single payer healthcare because I've got friends and family that need medical care and who are in medicine. I want a $15 min wage because I want demand side economics instead of supply side. I want to end the wars and stop selling arms to the Saudis. There's a lot of Dems that won't do that (Pelosi, Schumer, etc) but there are some that will. Again, I don't know of any Republicans that support these policies.
What I do know is they all poll in the mid to high 70s. Given that you'd think both sides would support them, but, well, now we circle back to the real problem, corporate PAC money. You can't serve two masters.
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Ban data aggregation companies
HOSTS = a FILE & KERNELMODE diskcaching subsystems CACHE it! Isn't a Linux DISKCACHE kernelmode?
Answer that (stupid IF not).
Windows' tcpip.sys = kernelmode & 4 hosts filter for resolution!
(MS learned on performance 4 IIS (http.sys) vs. Apache as latter performed FASTER. Current versions of IIS moved to kernelmode 4 BETTER performance).
IF Linux isn't doing things THAT way for NAME RESOLUTION via hosts (not just Apache webservers) it ought to be!
FACT: You get better performance via KERNELMODE drivers (more cpu priority, kernelmode DRIVER driven).
* YOU TELLING US libc in Linux constantly RE-ACCESSES DISK for HOSTS - not a kernelmode cached hosts OR Linux's diskcache is NOT in kernelmode here https://tech.slashdot.org/comm... ?
APK
P.S.=> Hosts resolver can also be adjusted in priority in Windows https://yro.slashdot.org/comme... (& it's default 1st in Win7 OR can be adjusted to be (older NT based OS NetBIOS/LanMan 1st as default over IP stack for networking))... apk
Idiot, don't fucking short a company you work for. It's pretty much an automatic investigation. I guess he assumed doing a put means he wouldn't have to trade until later as a put option is a kind of agreement or contract. Unfortunately those put options are filed with the SEC, so they knew about it all along.
Fancy using your own wife's account to short. Surely he must have known some other wives that he could have used? And only $2K with a hot tip like that?
I bet his much smarter managers made a hell of a lot more than that. With no record of whose wives they used.
His mistake, he should of put a put on all their stocks. ;-)
The Jews called, they said they don't give a crap about this hosts file debate. Can we keep them out of this please?
So the executive is being investigated but the peon is already penalized. If the executive is penalized, it is likely that they will be able to avoid at least some of the penalty and profit much more than the peon did.
Nice.
"Someone needs to talk to the tree of liberty about its ghoulish drinking problem." by ohnocitizen