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hegemony

SEC complaint reveals new details of Equifax’s response to breach

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https://www.sec.gov/litigation/complaints/2018/comp-pr2018-40.pdf

 

Ying's goose is cooked. The SEC suit lays it out. In detail. They are a civil agency and can only get monetary relief and fines but he will give it all back and more.

 

Likely to go to the DoJ too.

 

https://www.justice.gov/usao-ndga/pr/former-equifax-employee-indicted-insider-trading

Edited by cashnocredit

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On 3/15/2018 at 7:55 PM, cashnocredit said:

https://www.sec.gov/litigation/complaints/2018/comp-pr2018-40.pdf

 

Ying's goose is cooked. The SEC suit lays it out. In detail. They are a civil agency and can only get monetary relief and fines but he will give it all back and more.

 

Likely to go to the DoJ too.

 

https://www.justice.gov/usao-ndga/pr/former-equifax-employee-indicted-insider-trading

cooked goose alert: JAIL TIME!!!!!

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19 hours ago, hegemony said:

cooked goose alert: JAIL TIME!!!!!

"Later that morning, he promptly exercised and sold all of his stock options, earning nearly a million dollars from the sale. In doing so, he avoided a loss of $117,000 that he otherwise would have incurred when the company’s stock price dropped after the disclosure."

 

Four months of jail time might almost be worth it given that he will be in a cushy camp...unless the S&J ALSO includes a provision for asset forfeiture.  I'm too lazy to go look it up on PACER right now though...

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Yep. He also forfeited his gains and got tapped with a big fine too as part of the SEC deal. They tapped him for assets (being a civil agency) while the DOJ does the criminal bit with the higher burden of proof had he gone to trial. OTOH, had he opted for the trial, his sentence would be much longer. That's the lever the feds have to get guilty pleas. Trails are expensive and they eat into other work the DOJ peeps would be doing. Too much crime, too little time.

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