ATLANTA – Jun Ying, 42, of Atlanta, Georgia, is facing federal charges for allegedly cashing out nearly a million dollars in Equifax stock just before the company publicly revealed a catastrophic data breach impacting over 145 million Americans. The former Equifax U.S. Information Solutions Chief Information Officer is accused of exploiting privileged information for personal gain, a move federal prosecutors are calling a blatant abuse of trust.
According to the indictment, handed down by a federal grand jury on March 13, 2018, Ying learned of the breach in August 2017, while serving as CIO. Instead of alerting authorities or acting in the company’s best interest, he allegedly began preparing to profit from the impending disaster. U.S. Attorney Byung J. “BJay” Pak stated, “This defendant took advantage of his position… and allegedly sold over $950,000 worth of stock to profit before the company announced a data breach.”
The timeline paints a damning picture. On August 25, 2017, Ying reportedly texted a colleague, “Sounds bad. We may be the one breached.” Days later, on August 28th, he conducted online searches regarding the stock market impact of Experian’s 2015 data breach – a clear indication of his intent. That same day, Ying exercised stock options, acquiring 6,815 shares of Equifax stock, which he immediately sold, netting over $950,000 and a realized gain exceeding $480,000. Equifax publicly announced the breach on September 7, 2017, sending its stock price plummeting.
“The alleged actions of this defendant undermine the public’s confidence in the nation’s stock markets,” said David J. LeValley, Special Agent in Charge of FBI Atlanta. “By prosecuting cases like this, the FBI and the U.S. Securities and Exchange Commission are sending a strong message to company insiders that they must follow the same rules that govern regular investors.” The SEC provided substantial assistance in the investigation.
Ying is expected to be arraigned before U.S. Magistrate Judge Linda T. Walker. Prosecutors Christopher J. Huber and Lynsey M. Barron are leading the case. It’s crucial to remember that an indictment contains only allegations, and Jun Ying is presumed innocent until proven guilty beyond a reasonable doubt at trial. This case serves as a stark reminder that even those in positions of power will be held accountable for exploiting vulnerabilities for personal enrichment.
The FBI is leading the investigation. For further information, contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016. More information on the U.S. Attorney’s Office for the Northern District of Georgia can be found at http://www.justice.gov/usao-ndga.
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Key Facts
- State: Georgia
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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