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Attacks/Breaches

6/27/2019
04:10 PM
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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 Equifax's 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 Equifax's 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 don't 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 public's trust in the stock market will erode."

Read more details here.

 

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tdsan
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tdsan,
User Rank: Ninja
6/30/2019 | 3:04:19 PM
Re: Closing statement
Interesting, it is worth looking into - https://markets.bitcoin.com/

I do think this is the future, we need to look into blockchain and how we can enhance our security posture when it relates to Bitcoin. I do think Blockchain can help with areas of the supply chain but that is for another conversation.

T
RyanSepe
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RyanSepe,
User Rank: Ninja
6/30/2019 | 8:05:55 AM
Re: Closing statement
Crypto currency is still a bit volatile for my taste even with BitCoin being the more popular. I had a full bitcoin a while back and partitioned it off for profit.

I'm curious if this will end up similar to the Tulip crisis that occured in the Netherlands.
tdsan
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tdsan,
User Rank: Ninja
6/29/2019 | 5:35:33 PM
Re: Closing statement
Mortgage Crisis details - https://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html.
Quote - Jan. 27, Kareem Serageldin...Moshannon is a low-security facility, with controlled prisoner movements, a bit tougher than the one portrayed on "Orange Is the New Black." Friends of Serageldin's worried about the violence; he was counseled to keep his head down and never change the channel on the TV no matter who seemed to be watching.

This article was written in 2014, 47 identified - https://ig.ft.com/jailed-bankers/, but only 1 from the US, interesting.

With wall-street being located in NY, I am puzzled why only one.

Enron case - https://www.chicagotribune.com/sns-ap-enron-trial-glance-story.html
Skilling, 64, was sentenced in 2006 to 24 years in prison for his role in the scandal that cost investors billions of dollars and wiped out the retirement savings and jobs of thousands of Enron employees.

 In the Enron case, they seem to be getting it right.

Todd

 
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:29:25 PM
Re: Closing statement
At this point I think we need to look into "Bitcoin", wait, with the data mining and thefts from this practice, it is hard to trust anything or anyone. I have not heard anything on that aspect but you never know.
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:27:52 PM
Re: Closing statement
Yep, it is already shot, anyone remember the "Mortgage Crisis" or "Enron" where people lost millions of dollars and no one from these finaincial institutions got arrested. There were poison terms on those cases too. But obviously we did not learn a lot.
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:26:14 PM
Re: Acting in ones own self-interest vs. ethically being hit by the bus
The Air Force core Values are: Integrity First, Service Before Self, & Excellence in all we do. Integrity and First serve policy is critical for ones long term success in that business I would say.
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:24:41 PM
Re: Acting in ones own self-interest vs. ethically being hit by the bus
If he had lost that ~$200k, then later, he'd still be able to work in his profession making his current salary or more. I agree, in longer term it will be more loss.
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:23:27 PM
Re: Acting in ones own self-interest vs. ethically being hit by the bus
This may be a clich, but how much is your integrity worth? It would be important question to ask but also criminal, goes beyond integrity.
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:22:22 PM
Re: Acting in ones own self-interest vs. ethically being hit by the bus
Again, just trying to put myself in someone elses shoes here and to date have not been in this boat. I just think its an interesting premise That makes sense, not sure how everyone else would react if they were in that situation.
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:19:04 PM
Re: Acting in ones own self-interest vs. ethically being hit by the bus
You may say this is not an apples to apples comparison but if you were a person that had their assets wrapped up in a certain stock and you knew that you would lose your life savings and was provided information that could save you That makes sense. As you said it is not apples to apples.
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