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It depends... Regulatory filings show that three days later, Chief Financial Officer John Gamble sold shares worth $946,374 and Joseph Loughran, president of U

It depends... Regulatory filings show that three days later, Chief Financial Officer John Gamble sold shares worth $946,374 and Joseph Loughran, president of U.S. information solutions, exercised options to dispose of stock worth $584,099. Rodolfo Ploder, president of workforce solutions, sold $250,458 of stock on Aug. 2. None of the filings lists the transactions as being part of 10b5-1 scheduled trading plans. The three “sold a small percentage of their Equifax shares,” Ines Gutzmer, a spokeswoman for the Atlanta-based company, said in an emailed statement. They “had no knowledge that an intrusion had occurred at the time.” The timing is extremely suspicious. But - if they can prove they didn't know, they're in the clear. Of course a breech like this quickly goes to the board, and it's hard to imagine that the CFO and President of US Information Solutions wouldn't know.

thephyber 9y ago
> The timing is extremely suspicious. But - if they can prove they didn't know, they're in the clear. Burden of proof for criminal cases is the other way around. They will likely spend lots on legal fees just trying to prove they didn't know about the hack at the time they decided to sell. They will likely end up settling out of court (guilty or not) because that's how the US legal system works. Also important -- July 29 is when Equifax claims they noticed the issue.
- goialoq 9y ago
  What actually happens is that they get interviewed repeatedly. If they get caught in a lie (like Martha Stewart), they face criminal penalties for perjury. If they keep their story straight, they are acquitted.
dx034 9y ago
I'm sure the SEC will get a copy of all emails, meeting schedules and chats of that time. If there was any phone call, meeting or email between one of these guys and someone with knowledge of the matter, it will be very hard for them to argue that they didn't know. Even if they weren't told details, they could've seen that the others were obviously dealing with something very serious.

thephyber 9y ago

> The timing is extremely suspicious. But - if they can prove they didn't know, they're in the clear. Burden of proof for criminal cases is the other way around. They will likely spend lots on legal fees just trying to prove they didn't know about the hack at the time they decided to sell. They will likely end up settling out of court (guilty or not) because that's how the US legal system works. Also important -- July 29 is when Equifax claims they noticed the issue.

goialoq 9y ago
What actually happens is that they get interviewed repeatedly. If they get caught in a lie (like Martha Stewart), they face criminal penalties for perjury. If they keep their story straight, they are acquitted.

dx034 9y ago

I'm sure the SEC will get a copy of all emails, meeting schedules and chats of that time. If there was any phone call, meeting or email between one of these guys and someone with knowledge of the matter, it will be very hard for them to argue that they didn't know. Even if they weren't told details, they could've seen that the others were obviously dealing with something very serious.