4 ms·
He wasn’t the global CIO, he was the CIO of a business unit, and the application that was exploited in the breach was NOT under his department. I worked for hi
by DawgFedora 7y ago
He wasn’t the global CIO, he was the CIO of a business unit, and the application that was exploited in the breach was NOT under his department.
I worked for him when this happened - he was a smart guy who happened to guess right. He hadn’t been informed of the breach when he traded his options, he just make an educated guess based upon things happening. I don’t think it was right, but it definitely wasn’t malicious. The company could have closed the trading window which would have prevented it.
The worst thing for him is that he would have been made the global CIO if he hadn’t cashed in his options. The money in this transaction is peanuts compared to what he lost there.
Edited: app was NOT in his dept
- alaithea 7y agoWhat you are calling an "educated guess" is basically the definition of insider trading. > On Friday, August 25, 2017, Ying texted a co-worker that the breach they were working on “sounds bad. We may be the one breached.” The following Monday, Ying conducted web searches on the impact of Experian's 2015 data breach on its stock price. Later that morning, Ying exercised all of his stock options[.]
- DawgFedora 7y agoNot according to precedent in the case referenced here: https://www.bloomberg.com/opinion/articles/2018-03-18/equifax-exec-sold-stock-after-hack-was-it-insider-trading https://www.bloomberg.com/opinion/articles/2018-03-18/equifa....