Ex-Equifax Software Developer Charged With Insider Trading

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Ex-Equifax Software Developer Charged With Insider Trading

Post by FluteHolder on Thu Jul 05, 2018 1:07 pm

https://www.bloomberg.com/news/articles/2018-06-28/ex-equifax-software-developer-charged-with-insider-trading

Sudhakar Reddy Bonthu, 44, used nonpublic information to determine Equifax had been breached last year before any public announcement and then bought put options that he exercised for a profit of more than $75,000 after the breach was announced, according to a court filing.

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Equifax Chief Financial Officer John Gamble and three other executives sold shares worth a combined $1.8 million days after Equifax discovered suspicious activity on its network, but Equifax said an independent committee determined that these executives did not know of the breach when their trades were made.

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