Right now the focus should be on helping people protect themselves from possible identity theft in the aftermath of a major data breach at Equifax.
But I do want to know if any of the credit bureau executives profited off knowing before we did that the breach had occurred.
Three Equifax executives sold nearly $2 million worth of company stock within days of the data breach. The public didn’t know about the hack until a month later.
Let’s see. Equifax said it discovered the breach July 29.
Bloomberg’s Anders Melin reported, “Regulatory filings show that on Aug. 1, 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.”
Put another way, “Gamble sold more than 13 percent of his stake in Equifax. Loughran sold 9 percent of his holdings and Ploder disposed of 4 percent.”
The executives “had no knowledge that an intrusion had occurred at the time they sold their shares,” according to a statement from Equifax.
What do you think?
The timing of the stock sales look questionable to me — and to others.