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6/29/2018
11:15 AM
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Equifax Software Manager Charged with Insider Trading

Sudhakar Reddy Bonthu used insider information about the company's 2017 data breach to profit in stock transaction.

Fallout from the epic Equifax data breach just keeps coming: A second employee of the credit-monitoring firm has been charged with insider trading in connection with the attack.

Former Equifax software development manager Sudhakar Reddy Bonthu, 44, was arraigned in US District Court in Atlanta this week. Bonthu allegedly using his inside knowledge of the 2017 data breach before it was made public and purchased so-called "put" stock options that allowed him to earn more than $75,000 in profit when the announcement was made and Equifax's stock dropped.

Equifax's former chief information officer, Jun Ying, earlier this year pleaded not guilty to charges of insider trading related to the data breach.

Read more here

 

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RyanSepe
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RyanSepe,
User Rank: Ninja
6/29/2018 | 2:00:27 PM
Best Practice?
Can someone explain to me what is best practice in these scenarios? I find it somewhat confusing. If someone inadvertently told you that your investments were going to plummet unless you dropped them due to an event with the company are you suppose to just steer your boat into the iceberg? 

This is a cynical representation of it of course but seriously I can't fathom being in that position and would like someone who is better versed legally to shed some light on the matter.
RyanSepe
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RyanSepe,
User Rank: Ninja
6/29/2018 | 1:55:02 PM
Not Surprising
This is not surprising to me in the least. I would be surprised however if it was to be the last person charged in light of the Equifax breach.
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