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Former Equifax CIO Sentenced to Prison for Insider Trading
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REISEN1955
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REISEN1955,
User Rank: Ninja
6/28/2019 | 10:12:38 AM
Closing statement
Otherwise public trust in the stock market will erode.  Oh REALLY?   That is already mostly shot to pieces based upon a ton of other horrific stock manipulation tales - anyone remember a fellow named Madoff???   So the real issue again is that Equifax blew the game totally from top to bottom.  And as my 4 year old grand-daughter often says " And THAT'S THAT."
tdsan
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tdsan,
User Rank: Ninja
6/28/2019 | 11:50:15 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. I mean the list the goes on. 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 to refer to the words from Gary Coleman and "Different Strokes", when individuals are trying to sell you something, he says:Gary Coleman from Different Strokes

 
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.
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.
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
6/30/2019 | 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
Dr.T
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Dr.T,
User Rank: Ninja
6/29/2019 | 4:14:47 PM
Re: Closing statement
So the real issue again is that Equifax blew the game totally from top to bottom. That makes sense, however insider trading is not about hacking.
RyanSepe
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RyanSepe,
User Rank: Ninja
6/28/2019 | 10:28:46 AM
Acting in ones own self-interest vs. ethically being hit by the bus
This is a topic that from an outside perspective seems pretty clear cut. However, playing devils advocate I always struggle to logically justify the outcome. Again put yourself in their shoes for a moment. I understand that this individual based on their standing was probably well off but lets say for a moment that similar to a Madoff (long term Ponzi operator) client they had most of their assets wrapped up in Equifax stock. 

If I came from the future and told you that if you didn't move from where you were standing you'd be hit by a bus would you move? I'd say overwhelmingly the answer would be yes. 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, it seems pragmatically that not dumping those stock would be illogical considering it would financially cripple you. 

****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.***
JMattMartin
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JMattMartin,
User Rank: Apprentice
6/28/2019 | 2:14:52 PM
Re: Acting in ones own self-interest vs. ethically being hit by the bus
This may be a cliché, but how much is your integrity worth?

Our actions when no one is watching speaks volumes to our actions when under pressure.  In this case, the value of his stocks would have gone from $900k ish to $700k ish...  yes, he'd have lost half of his profit gained from the sale;  

But

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 doubt very much that he will ever get a C level job (or any level job) in Information Security again.  

The Air Force core Values are: Integrity First, Service Before Self, & Excellence in all we do.  Those core values have made me successful in the civilian world too.  
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 | 4:24:41 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 | 4:26:14 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 | 4:17:25 PM
Re: Acting in ones own self-interest vs. ethically being hit by the bus
Acting in ones own self-interest vs. ethically being hit by the bus I think they are different things. One you are trying to gain at the expense of other expenses, the other you are testing to save yourself without hurting others.
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.
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 | 4:12:58 PM
Insider trading
So he is going to prison for insider trading, nothing to do with hacking. Who is responsible on that?


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