Another staffer at mega-hacked Equifax slapped with insider trading rap

Thursday 28th June 2018 19:19 GMT ma1010

Aaaaaaaand, YES, the big corporations skate again!

This is today's life in these United States: the big corporations can do whatever they like to consumers, and they will pay bugger all penalties for it. The MINIMUM they should have gotten is a very large fine and be required to provide credit protection FOR LIFE to every single person whose details were divulged.

Unfortunately penalties for this sort of thing will never happen because today the U.S. is a Government Of the Corporations, By the Corporations and For the Corporations. The people? They're just consumers to be slurped and ripped off any way the corporations like.

Sorry if I sounded a bit cynical there.

</old git>

31 0 Reply
1. Thursday 28th June 2018 19:56 GMT steviebuk
  
  Re: Aaaaaaaand, YES, the big corporations skate again!
  
  They've been like that since the 80s.
  
  7 1 Reply
  1. Thursday 28th June 2018 21:35 GMT Anonymous Coward
    
    Re: Aaaaaaaand, YES, the big corporations skate again!
    
    Really a lot longer than that as I discovered in studying the economic history of the US. It's rare that some (one | authority) is willing to go head-to-head against the corporations. Those are the exceptions, not the rule.
    
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Thursday 28th June 2018 21:22 GMT Anonymous Coward

consent decree - are you kidding me?

What happened to NY State's SHIELD Act?

Ooh, I see. It's in committee. Not a priority at this time. Needs more ~~lobbying~~ debate.

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1. Thursday 28th June 2018 22:11 GMT Jay Lenovo
  
  Forgiveness is divine and full of political goodies
  
  "This order requires it to make corrective actions including a proper risk assessment and improving the board’s oversight of information security information, audit, patch management, information technology operations, vendor management, and other functions"
  
  ...Or ultimately they'll just hire Phil Swift to cover their datacenter in Flexseal.
  
  Sorry the data boat already sank. Hindsight corrective measures never raised the Titanic either.
  
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Thursday 28th June 2018 21:41 GMT Alistair

Soo -- dude makes $75K being (rather) foolish. Stomped on by SEC, Fired by the company and about to get run over by criminal convictions, but of the three senior C suite members that were in scope only one is getting an (effective) slap on the wrist, and FWICT a new $4.8M/year post in another country? (possibly is a different person).

Never mind the corporations themselves, the corporate puppets.

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Thursday 28th June 2018 21:42 GMT SirWired 1

And another low-hanging fruit for insider trading

*sigh* Another inside-trader that didn't get the memo that a 1st-time short-term options purchase that pays off handsomely will have your account records sent directly to the SEC so they can look for the source of your foresight. Double-Bonus Points for not even going through an intermediary AND congrats on completing the Trifecta of stupid insider trading by doing it with shares of YOUR EMPLOYER.

If the SEC started the case in the morning they probably sent out the first nastygrams by lunchtime.

I guess going after small-fry like this is way easier than actually punishing serious misconduct resulting in $B's in losses.

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1. Thursday 28th June 2018 22:48 GMT Mark 85
  
  Re: And another low-hanging fruit for insider trading
  
  I guess going after small-fry like this is way easier than actually punishing serious misconduct resulting in $B's in losses.
  
  Right. It's a numbers game for the SEC people. Low hanging fruit like this guy raise the numbers while directors will take a fair amount of time and effort so the monthly record count will not be as high.
  
  It is noted in the article that the US Attorney’s Office for the Northern District of Georgia has filed criminal charges against him. Since no mention anywhere, it looks like the CEO, et al, will not be facing criminal charges for some reason...
  
  4 0 Reply
  1. Friday 29th June 2018 00:05 GMT ThatOne
    
    Re: And another low-hanging fruit for insider trading
    
    > it looks like the CEO, et al, will not be facing criminal charges for some reason...
    
    Obvious reasons: he's a man of wealth and influence. Has friends who own him favors. Can pay efficient and expensive lawyers. Is in the right old boy network. In short, he's untouchable.
    
    Laws are only for those who can't afford to be above them...
    
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Thursday 28th June 2018 21:46 GMT Blockchain commentard

When the insider trader gave back the $75,000 who got the money? Was it the SEC or the actual people he robbed?

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Thursday 28th June 2018 22:21 GMT Paratrooping Parrot

They always get away with it.

Bankers and hedge fund managers destroy the economy and get away with it.

Large corporations such as Apple, Amazon and others avoid paying tax and get away with it.

Equifax loses details of millions of people and get away with it.

Some poor guy pays their tax late and they are fined.

19 1 Reply
Thursday 28th June 2018 22:39 GMT Doctor Syntax

"eight US states’ banking departments have opted to make a deal with the credit reporting biz – and stops short of imposing a fine on the firm."

The figleaf shrivels up a little more.

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Thursday 28th June 2018 23:59 GMT grumpy0ldm@n

SHUT EM DOWN! >:|

6 1 Reply
Friday 29th June 2018 00:15 GMT Anonymous Coward

Equifax board’s oversight of information security

Only in high finance do the crooks get to regulate themselves. Have they yet hired on that intern to patch the system. When I say hired I mean work for nothing ..

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Friday 29th June 2018 00:17 GMT Anonymous Coward

Simply outrageous

Considering the millions of dollars in damages to the millions of Equifax victims and the lifelong credit hassles many of these victims will endure it is incomprehensible that authorities would not fine Equifax billions of dollars for their gross negligence. The EU might need to take the lead on a serious lawsuit against Equifax for disclosing victims personal data.

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1. Monday 2nd July 2018 09:00 GMT Scott Tracy
  
  Re: Simply outrageous
  
  Agreed. Reading the press release it says "DFS continues to take aggressive action in holding Equifax Inc. accountable for the massive data breach that exposed the sensitive and private information of millions of Americans". Err...basically asking Equifarce to undertake an audit is aggressive action ? And I couldn't find what happens if they don't comply (I may have lost the will to live as I read through it) - presumably they would have to instigate another audit to find out why the first audit didn't complete...Surely this level of corporate apathy and ineptitude merits penalties exponentially greater than those dished out for insider trading ? Am I missing something ?
  
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Friday 29th June 2018 03:47 GMT Sleep deprived

"... charged with insider trading – and has promised to pay back his alleged ill-gotten gains."

By the same token, can I rob a bank, and if I get caught by the cops upon exiting, just give the money back and walk free?

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1. Friday 29th June 2018 04:05 GMT Kabukiwookie
  
  Re: "... charged with insider trading – and has promised to pay back his alleged ill-gotten gains."
  
  Only if you're C-level management.
  
  7 0 Reply
Friday 29th June 2018 07:22 GMT Potemkine!

Business as usual

Accordingly as your power is great or small, the judgments of a court will whiten or blacken your reputation.

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