news 6 months ago

He Dumped All His Equifax Stock. Now, Criminal Charges

Newser — Newser Editors

Before Equifax went public with news of its massive data breach last September, Jun Ying, the company's then-US chief information officer, exercised and sold all his stock options.

Now the SEC says the nearly $1 million move was insider trading, and Ying has been charged to that end in federal court. "Ying used confidential information to conclude that his company had suffered a massive data breach, and he dumped his stock before the news went public," per an SEC statement.

CNN Money reports that had Ying waited until after the disclosure, he would have lost $117,000. Reuters reports Ying will also face anti-fraud charges filed by the SEC.

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