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Former Equifax Chief Information Officer Charged With Insider Trading

By Sarah Gruber on March 16, 2018
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The Equifax data breach saga continues, this time with civil and criminal charges for insider trading lodged against Jun Ying, Equifax’s former Chief Information Officer of its U.S. Information Solutions business unit. The criminal indictment pursued by federal prosecutors and the civil complaint filed by the Securities and Exchange Commission both allege that Ying exercised all of his vested stock options and sold them, for approximately $950,000, within mere days of learning of Equifax’s breach, and before the breach had become public. By doing so, he allegedly avoided more than $117,000 in losses.  They allege that, within three days of learning of the breach, Ying had begun googling—well, using Bing— to search for information about how much Experian’s stock had fallen after its breach back in 2015, and then executed his Equifax trades an hour later. Although Equifax had taken measures to prevent employees who knew about the breach from trading in its stock, somehow those measures had failed to prevent the trades by Ying.

 

 

Photo of Sarah Gruber Sarah Gruber

As a member of the Firm’s Litigation Department, Ms. Gruber represents clients in a variety of commercial and business law disputes, including in the areas of complex commercial litigation, bankruptcy and creditors’ rights, municipal law, appellate litigation, and labor and employment.

Ms. Gruber …

As a member of the Firm’s Litigation Department, Ms. Gruber represents clients in a variety of commercial and business law disputes, including in the areas of complex commercial litigation, bankruptcy and creditors’ rights, municipal law, appellate litigation, and labor and employment.

Ms. Gruber brings to the firm her experiences in two judicial clerkships. She clerked for the Honorable Dennis G. Eveleigh, Associate Justice of the Connecticut Supreme Court. She then clerked for the Honorable Jeffrey Alker Meyer, United States District Judge for the District of Connecticut.

Prior to joining Murtha Cullina, Ms. Gruber received her B.A., with general honors, from Johns Hopkins University, where she spent a semester studying in Madrid, Spain. She earned her Juris Doctor from Quinnipiac University School of Law, summa cum laude.

While in law school, Ms. Gruber was a judicial intern for the Honorable Janet Bond Arterton of the United States District Court for the District of Connecticut, as well as Editor-in-Chief of the Quinnipiac Law Review. She also volunteered for and became the program coordinator of the Volunteer Income Tax Assistance (VITA) Program, administered by the Internal Revenue Service.

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  • Posted in:
    Banking, Finance and Securities
  • Blog:
    Privacy and Cybersecurity Perspectives
  • Organization:
    Murtha Cullina LLP
  • Article: View Original Source

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