Former Equifax exec will get four months in jail for insider buying and selling after breach – CNET

A former CIO for Equifax has been sentenced to 4 months in jail for insider buying and selling associated to the corporate’s huge knowledge breach in 2017.

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A former Equifax govt who bought his inventory within the client credit score reporting agency earlier than it introduced a large knowledge breach has been sentenced to 4 months in federal jail for insider buying and selling. Jun Ying, former chief info officer for the corporate’s US Info Options, was additionally ordered to pay about $117,000 in restitution and a $55,000 fantastic, the US Lawyer’s Workplace mentioned Thursday.

In 2017, Equifax introduced that it suffered a knowledge breach that might have an effect on greater than half of the US inhabitants, exposing the Social Safety numbers, names and addresses of 147 million Individuals. The corporate discovered concerning the breach on July 29, 2017, however did not announce it publicly for practically three months. 

On Aug. 25, 2017, Ying texted a co-worker concerning the breach, saying it “sounds dangerous.  We could be the one breached,” in line with the indictment. The subsequent week, Ying carried out an online search to study what occurred to Equifax’s inventory worth after the corporate skilled a knowledge breach in 2015.  

Three days later, Ying bought all his shares in Equifax, making greater than $950,000. Ying’s insider buying and selling occurred 10 days earlier than Equifax publicly introduced its breach.

Ying, 44, is the second Equifax worker convicted of insider buying and selling associated to the info breach. Sudhakar Reddy Bonthu, a former Equifax software program improvement supervisor, pleaded responsible in 2018 to utilizing the insider info to make greater than $75,000 on the inventory market. Bonthu was ordered to serve eight months house confinement, pay a $50,000 fantastic and forfeit the proceeds from the inventory sale.