Feds Launch Inside Trading Probe of Equifax Execs

By:
Chris Gaetano
Published Date:
Sep 19, 2017
Inspector

The U.S. Justice Department is investigating top officials at credit reporting firm Equifax over suspicions of insider trading prior to news of a massive data breach going public, according to Bloomberg.

The firm, earlier this month, revealed that hackers had accessed the records of 143 million U.S. consumers, potentially exposing sensitive information like names, Social Security numbers, birth dates, addresses and, in some instances, driver's license numbers. Since the breach was made public, shares in the company have fallen by about 35 percent, said Bloomberg. 

The company said that it had discovered the breach on July 29. Almost immediately after, Equifax’s chief financial officer, John Gamble; its president of U.S. information solutions, Joseph Loughran; and its president of workforce solutions, Rodolfo Ploder sold roughly $1.8 million worth of shares. The company said that they didn't know about the breach at the time they sold the shares. However, according to Bloomberg, regulatory filings do not show that the sales were part of pre-scheduled trading plans. 

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