News » Equifax Insider Stock Sales “Stink,” Says Senator

Equifax Insider Stock Sales “Stink,” Says Senator

October 9, 2017

Equifax
Former Equifax CEO Richard Smith got the ritual beatdown during a Senate Banking Committee hearing over the company’s recent cyber-breach. Some committee members appeared skeptical of Smith’s claim that John Gamble, the company’s CFO, Joseph Loughran, president of U.S. information solutions and Rodolfo Ploder, president of workforce solutions, were unaware of the severity of the hack when they sold their stocks. “It may have been done with the best of intentions and no intent for insider trading, but this really stinks,” said Sen. Jon Tester of Montana, a Democrat. His Republican colleague, Sen. Tim Scott of South Carolina, was skeptical as well. He said the stock sales seemed to suggest more information than the committee was getting, and the timing of the sales, after suspicious activity was discovered but before the dimensions of the breach were revealed to the public, was either awfully fortuitous or illegal. The three executives sold more than $3 million dollars worth of stock before the share price dropped.

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