The Justice Department announced this week that Equifax CIO Jun Ying was sentenced to four months in insider trading. He pleaded guilty earlier this year for selling his stock before the announcement of a major data breach in 2017.
The Securities and Exchange Commission (SEC) asked Ying last year to insider trading. The Justice Department said in August 2017 that it had begun investigating the effect of similar violations on other companies' stock prices. That morning, he immediately earned nearly $ 1 million by exercising and selling stock options. By doing so, he avoided the loss of $ 117,000 he had undergone when the company stock fell since the release. In this case, more than 150 million people were exposed to personal information.
"I thought about his financial interests before he knew that millions of people exposed to data breaches were victims," said Park Byung-hwan. "He has abused his trust and high office to benefit from internal information," the Justice Department said. Yj is the second person convicted of insider trading. Sudhakar Reddy Bonthu was convicted last July.