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.
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.
About the Author(s)
You May Also Like
Guarding the Cloud: Top 5 Cloud Security Hacks and How You Can Avoid Them
April 4, 2024Cybersecurity Strategies for Small and Med Sized Businesses
April 11, 2024Defending Against Today's Threat Landscape with MDR
April 18, 2024Securing Code in the Age of AI
April 24, 2024
Black Hat USA - August 3-8 - Learn More
August 3, 2024Cybersecurity's Hottest New Technologies: What You Need To Know
March 21, 2024Black Hat Asia - April 16-19 - Learn More
April 16, 2024