A former Equifax executive who sold his stock in the consumer credit reporting firm before it announced a massive data breach has been sentenced to four months in federal prison for insider trading. Jun Ying, former chief information officer for the company’s US Information Solutions, was also ordered to pay about $117,000 in restitution and a $55,000 fine, the US Attorney’s Office said Thursday… Ying sold all his shares in Equifax, making more than $950,000. Ying’s insider trading happened 10 days before Equifax publicly announced its breach.
Ying, 44, is the second Equifax employee convicted of insider trading related to the data breach. Sudhakar Reddy Bonthu, a former Equifax software development manager, pleaded guilty in 2018 to using the insider information to make more than $75,000 on the stock market. Bonthu was ordered to serve eight months home confinement, pay a $50,000 fine and forfeit the proceeds from the stock sale.
In announcing the sentence, U.S. Attorney Byung J. Pak said that Ying had “thought of his own financial gain before the millions of people exposed in this data breach even knew they were victims.”