Former Equifax CIO Sentenced to Prison for Insider Trading

  /     /     /  
Publicated : 23/11/2024   Category : security


Former Equifax CIO Sentenced to Prison for Insider Trading


Jun Ying is the second Equifax employee found guilty of insider trading related to the massive 2017 data breach.



Jun Ying, former chief information officer of Equifax US Information Solutions, has been sentenced to four months in federal prison and a year of supervised release for insider trading.
In March 2018, the Securities and Exchange Commission (SEC)
charged
Ying with insider trading ahead of Equifaxs disclosure of a massive data breach in September 2017. As an executive within a US business unit of Equifax, Ying was privy to sensitive information that led him to conclude the company had been breached in August 2017, weeks before the incident was made public.
On Aug. 25, 2017, Ying messaged a colleague to warn Equifax may have been breached. A few days later he exercised all of his stock options and received 6,815 shares of Equifax stock, which he sold to receive proceeds of $950,000. He realized a gain of more than $480,000 – avoiding a loss of over $117,000. Equifax announced the breach on Sept. 7; its stock price fell.
Ying, who was next in line to be Equifaxs global CIO, has also been ordered to pay restitution of $117,117.61 as well as a $55,000 fine. He was convicted of these charges on March 7, 2019.
This is the second Equifax employee to be found guilty of insider trading related to the 2017 data breach. Sudhakar Reddy Bonthu, former Equifax manager, pleaded guilty in July 2018.
If company insiders dont follow the rules that govern all investors, they will face the consequences for their actions, said Chris Hacker, special agent in charge of FBI Atlanta, in a statement. Otherwise the publics trust in the stock market will erode.
Read more details
here
.
 
Black Hat USA returns to Las Vegas with hands-on technical Trainings, cutting-edge Briefings, Arsenal open-source tool demonstrations, top-tier security solutions and service providers in the Business Hall. Click for information on the 
conference
 and 
to register.

Last News

▸ Scan suggests Heartbleed patches may not have been successful. ◂
Discovered: 23/12/2024
Category: security

▸ IoT Devices on Average Have 25 Vulnerabilities ◂
Discovered: 23/12/2024
Category: security

▸ DHS-funded SWAMP scans code for bugs. ◂
Discovered: 23/12/2024
Category: security


Cyber Security Categories
Google Dorks Database
Exploits Vulnerability
Exploit Shellcodes

CVE List
Tools/Apps
News/Aarticles

Phishing Database
Deepfake Detection
Trends/Statistics & Live Infos



Tags:
Former Equifax CIO Sentenced to Prison for Insider Trading