- A former Equifax (NYSE:EFX) manager was charged with using insider trading before the September 2017 announcement of the company's massive data breach, the second case the SEC has filed arising from the data breach.
- Software engineering manager Sudhakar Reddy Bonthu bought Equifax put options before the information on the data breach was made public, then sold them after the announcement for a gain of more than $75,000, the SEC alleges.
- Bonthu was terminated from Equifax in March after refusing to cooperate with the company's internal investigation into whether he had violated its insider trading policy.
- U.S. Attorney’s Office for the Northern District of Georgia also filed criminal charges against Bonthu.
- To settle the SEC’s civil charges, Bonthu agreed to a permanent injunction and to return his allegedly ill-gotten gains plus interest.
- Previously: Credit ratings analyst, two friends charged with insider trading by SEC (June 26)
- Now read: Wall Street Breakfast: Second Round Of Bank Stress Tests
Original article