Most people in New York remember the publicity that last summer’s announcement of a security breach involving the credit bureau Equifax generated. While other items may be making the top of the headlines today that does not mean that activity regarding this event is over. In fact, that is far from the case.
One report indicates that while the company itself is said to have investigated multiple executives for potential unethical and illegal trading activities, all were found to have been innocent of any wrongdoing per the investigation. However, one man who had served as the Chief Information Officer for a division of Equifax was not reportedly part of that investigation and he now faces criminal charges for what is allegedly illegal trading activity.
Exactly how and why this former executive was not part of the company’s own investigation is not known but a U.S. Attorney’s Office has charged the man with insider trading, alleging that his exercise of stock options and subsequent sale of the stock happened after he was made fully aware of the breach. The stock sale is said to have been worth approximately $1 million. No details are known about the exact charges or potential penalties associated with them if he is ultimately convicted.
When facing serious white collar criminal charges in New York, defendants might want to reach out to an attorney to understand the various options available to them for their defense.
Source: The New York Times, “Ex-Equifax Executive Charged With Insider Trading Tied to ’17 Breach,” Stacy Cowley, March 14, 2018