Economy

Equifax executives subject to criminal probe

Equifax executives subject to criminal probe”

The U.S. Justice Department is said to be investigating the questionable sale of stock by Equifax executives in advance of the company's public announcement of its massive data breach.

US prosecutors in Atlanta, who are looking into the share sales, said in a statement they are also examining the breach and theft of people's personal information in conjunction with the Federal Bureau of Investigation.

Bloomberg was first to report earlier this month that three Equifax executives - Chief Financial Officer John Gamble, President of U.S. Information Solutions Joseph Loughran, and President of Workforce Solutions Rodolfo Ploder - sold stock in the company totaling almost $2 million in the days after the breach was discovered on July 29.

Bloomberg cited "people familiar with the investigation" who asked not to be named because it is confidential. Lawmakers, state attorneys general and several regulators are scrutinizing the breach that compromised the privacy of 143 million US consumers, according to Equifax statements. The company found out about the hack on July 29, and made a public announcement on September 7.

We are reaching out to Equifax and the U.S. Justice Department for comment and will update this post if we hear back. The three executives sold shares worth nearly $1.8 million in early August.

Hanley Chew, a privacy and data security lawyer at Fenwick & West, said last week that the stock sales could trigger a criminal investigation. The company has said that the execs weren't aware of the break-in at the time. The transactions were not disclosed in regulatory filings for pre-scheduled trading activities.

Atlanta U.S. Attorney John Horn didn't say whether there was an investigation into this matter, but he did confirm that the DOJ was looking into the hack itself.

Members of the U.S. Senate and House have been putting pressure on Equifax to explain the trades in question.



Like this

loading...
loading...

Latest


18 September 2017
Winning $133M Powerball ticket sold in Grand Junction
Players should check every ticket, every time, and immediately sign winning tickets. The winning ticket matched all five white-ball numbers of 17, 18, 24, 25 and 31.

18 September 2017
Will Low Oil Prices End Saudi Arabia's Gas Subsidies?
It was now "moving ahead to implement the project" after an encouraging response from the private sector, Al Malik said.

18 September 2017
Love Island's Jessica Shears and Dom Lever are engaged
He added: 'After the first week of being back in the United Kingdom , I knew I was going to marry her. But it seems Dom and Jess have put everything behind them and overcome the bump in the road.

18 September 2017
Family of Lisa Ziegert says there have been developments in the case
MA prosecutors say they have new information about the unsolved slaying of a middle school teacher's aide 25 years ago. Her purse, her other personal belongings and the store's cash register appeared undisturbed.

18 September 2017
Asian markets rise ahead of Trump speech, Fed meeting
Last week, Canada's competition watchdog said it would not challenge a proposed merger between the two companies. The benchmark 10-year Treasury yield TMUBMUSD10Y, +1.94% ticked higher to 2.228%, versus 2.202%.

18 September 2017
Woman shot, killed sleeping boyfriend before dismembering body
When police requested Sutton to appear for an interview, she went on the run to Louisiana, where she was later arrested. It has yet to be definitively identified as Coleman's, but investigators say there are key matching characteristics.

18 September 2017
Poster and teaser trailer for upcoming Tomb Raider movie released
However, this new reboot looks far closer to the recent Lara Croft games, compared to those early PlayStation entries. While both of those franchises did well financially, critics have never really taken to such adaptations.

18 September 2017
Mother shocked by abuse of mentally disabled child by carers
The mother of the child told EWN that she didn't understand why the incident had happened. The driver then forces the child out of the bus and on to a pavement.

18 September 2017
Hazmat incident reported; residents asked to shelter in place
Glen Burnie and Brooklyn Park residents in Anne Arundel County have also been asked to shelter in Place. The hazmat situation is at the Solvay building, and no injuries have been reported at this time.

18 September 2017
Shekhar Suman's Taunt At Kangana Ranaut Starrer Simran's Slow Start
Now, it's Adhyayan's father Shekhar Suman who has reacted on the issue as well as her film. He wrote, "One cocaine actress was carrying the burden of her non-existent stardom.