Ex-Equifax exec charged with insider trading after bagging 1 MEEELLION dollars in stock sale A former Equifax exec was today charged with insider trading for offloading almost $1m of shares before the company went public about the scandalous mass data breach. The global credit reporting agency was hacked in May '17, which exposed the personal data of 148 million people. The firm discovered the breach at the end of …
It's currently trading at the $123 mark so he didn't gain that much by doing this anyway.
Yes, that's the real irony. He should have realized that the market was unlikely to actually punish Equihax, and just held on for a while longer.
A cynical investor who bought Equifax after the initial price drop would have done well.
So he got himself a million bucks and did not immediately transfer the money to some extradition-free tropical paradise ?
Did he never watch any crime series ?
Sorry bud, but if you know your transaction is going to raise a red flag, and you definitely should have known, you don't stick around to watch the fallout.
Anyhow, I'm glad you're going to have time to reflect on how wrong you were when you though that your shiny new million bucks was going to go totally unnoticed.
"Didn't the CEO of Equifax dump some massive stock right before the breach was disclosed? That's not insider trading?"
Not to say the CEO is innocent, but directors in big companies shift large volumes of stock all the time. Equifax averaged a little more than 10 reported transactions every month in 2017. Given they discovered the breach at the start of August and disclosed it six weeks later, it would have been more surprising if there had been no transactions between the event and full disclosure. Doubly so given these types of transactions must be arranged weeks or months in advance and executed in the blind, unless you want the SEC crawling all over you.
This chap has the SEC crawling all over him. The others don't. Make of that what you will.
I knew they would find a token scapegoat sooner or later. Now they can claim they cracked down hard on evils of Equifax and declare everything is back to normal and everyone can move along. Of course this "normal" where the actual victims of the breach have no recourse was the problem in the first place.
Today I learned that you cannot create a "MySSA" account with Social Security if the credit agencies don't have you listed, as is my case due to not borrowing money or failing to pay someone for decades.
So, these jerks have even more power than you think. This cuts one off from all online paperwork with the SSA, and reverts you to snail mail for everything (without easy to find addresses to mail things too, and a many hour phone wait to ask).
Ain't it wondercrap how the government is now wholly owned by bankers? I guess NSA doesn't answer their phone from that agency to tell them I am really me.
Today I learned that you cannot create a "MySSA" account with Social Security if the credit agencies don't have you listed
And this is doubly dangerous because the MySSA account-creation authentication process is very poor (Krebs has written a few pieces on the subject). So creating your MySSA account as soon as possible is highly recommended, to prevent an imposter from doing so.
At some point something is likely to change so that you can create a MySSA account - you might get some data on your credit report, or they might change the authentication process - and then you'll have to remember to do so. It's a time bomb.
MySSA certainly has some advantages over the old "find an SSA office" system, particularly for people with limited mobility or transportation. But the implementation is terrible.
Won't spend a day in jail either... Watched 'Inside Job' (2010) recently. Lots of Docs were made about the 2008 Crash. This one is narrated by Matt Damon and is less jargon filled. Its also more artful in how it lets Regulators, Politicians, Academics and Banksters hang themselves. So what's changed? Absolutely nothing! Time to leave America-Fuck-Yeah!
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