SEC alleges that Ying, 42, possessed confidential information
about Equifax's massive data breach in September before he
exercised all of his vested Equifax stock options and then
sold the shares, making roughly $1 million. Offloading the
stock helped Ying avoid more than $117,000 in losses,
according to the complaint.
alleged in our complaint, Ying used confidential information
to conclude that his company had suffered a massive data
breach, and he dumped his stock before the news went public,"
Richard R. Best, the director of the SEC's Atlanta regional
office, said in apress
release. "Corporate insiders who learn inside
information, including information about material cyber
intrusions, cannot betray shareholders for their own financial
charges against Ying are just the latest development in the
Equifax data-breach saga, which ramped up in early September
after the credit-reporting agency said thepersonal
details of more than 145 million US consumerswere
potentially accessed by hackers from May to July.
was not one of the top company officials who were reported to
investigationin the weeks following
the breach's announcement. That inquiry stemmed from SEC
filings that showed three senior executivesdumped
almost $2 million worth of stockdays
after the company learned of the breach.
stock price was down 0.5% as of 11 a.m. ET on Wednesday.