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News & Current Events Discuss SEnator on Equifax hack: Someone needs to go to jail at the General Forum; It took the Justice Department just a short while to start to investigate the Top Equifax Executives for dumping their ...

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Old 09-18-2017, 03:32 PM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

It took the Justice Department just a short while to start to investigate the Top Equifax Executives for dumping their stocks before the public press release of the Hack.



Quote:
US Justice Department investigating Equifax execs who dumped shares before announcing breach

John Mannes,TechCrunch 2 hours 32 minutes ago


The U.S. Justice Department is said to be investigating the questionable sale of stock by Equifax executives in advance of the company's public announcement of its massive data breach.

The investigation is said to include U.S. prosecutors in Atlanta, the FBI and the Securities and Exchange Commission, according to a report this morning from Bloomberg.

Three executives, Chief Financial Officer and Corporate VP John Gamble, President of U.S. Information Solutions Joseph Loughran and President of Workforce Solutions Rodolfo Ploder all sold substantive amounts of Equifax stock between the time the company learned of the hack and the date the hack was publicly announced.

These trades, amounting to $1.8 million, saved the three executives from feeling the financial sting of the announcements.

.................................................. ......................................... Continued
https://www.yahoo.com/finance/news/u...174831839.html
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Old 09-18-2017, 04:54 PM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

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Originally Posted by mlurp View Post
It took the Justice Department just a short while to start to investigate the Top Equifax Executives for dumping their stocks before the public press release of the Hack.




https://www.yahoo.com/finance/news/u...174831839.html
Well, it WAS kind of obvious there was a problem. Me thinks someone will be wearing an orange jumpsuit rather quickly. As it should be.
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Old 09-18-2017, 07:54 PM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

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Originally Posted by GottaGo View Post
https://www.yahoo.com/tech/u-senator...--finance.html



I give Equifax a Pinnocchio rating of 5,000,000.

This is serious stuff, 1.43m people could be effected. Of course, Equifax initially tried to sell people their credit monitoring services. Visual - green scum on a pond.....
no one will go to jail imho
also i think equifax sold the info
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Old 09-18-2017, 09:31 PM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

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Originally Posted by GottaGo View Post
Well, it WAS kind of obvious there was a problem.

Me thinks someone will be wearing an orange jumpsuit rather quickly. As it should be.


GottaGo, by obvious are you saying before the press release you/others knew some thing was up?

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Old 09-20-2017, 06:12 AM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

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GottaGo, by obvious are you saying before the press release you/others knew some thing was up?

I didn't know before reports started coming out, but when the first thing you read is that members of management were dumping their own company's stock, and next you read there was a breach, the chain of events becomes very obvious.
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Old 09-20-2017, 06:21 AM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

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Originally Posted by saltwn View Post
no one will go to jail imho
also i think equifax sold the info
I'll disagree. Equifax would have had some idea of the implications of 'selling' that amount of information, which has had the standard effect: the stock drops like a rock.
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Last edited by GottaGo; 10-24-2017 at 09:57 AM..
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Old 09-20-2017, 04:43 PM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

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Originally Posted by GottaGo View Post
I didn't know before reports started coming out, but when the first thing you read is that members of management were dumping their own company's stock, and next you read there was a breach, the chain of events becomes very obvious.


A good reason to check stock & money news... .. I still have to deal with Equifax and change my PW.. Soon!
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Old 11-05-2017, 01:29 PM
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Post Re: SEnator on Equifax hack: Someone needs to go to jail

Quote:
Originally Posted by GottaGo View Post
https://www.yahoo.com/tech/u-senator...--finance.html

Quote:
Three days after Equifax discovered the breach, three top company executives, including Chief Financial Officer John Gamble and a president of a unit, sold Equifax shares or exercised options to dispose of stock worth about $1.8 million, regulatory filings show.

Equifax said in a statement last week that the executives were not aware that an intrusion had occurred when they sold their shares.
I give Equifax a Pinnocchio rating of 5,000,000.

This is serious stuff, 1.43m people could be effected. Of course, Equifax initially tried to sell people their credit monitoring services. Visual - green scum on a pond.....
You shouldn't be concerned over it.
Equifax investigated it themselves and stated there was no problem.


Equifax clears executives who sold shares after hack

Quote:
Equifax Inc (EFX.N) said on Friday four of its executives who sold shares before the credit-reporting firm disclosed a massive data breach that wiped out billions from its market value were not aware of the incident when they made the trades.

A special committee set up by Equifax's board to investigate the trades concluded that no insider trading took place and that pre-clearance for the trades was appropriately obtained. (reut.rs/2habhk9)

The company’s shares were up 0.2 percent at $109.10 on Friday at midday, around 24 percent lower than on Sept. 7 when Equifax disclosed that cyber criminals had breached its systems and accessed sensitive information on 145.5 million consumers.

The shares slumped as much as 37 percent in the days after the disclosure.

Atlanta-based Equifax had been aware of the breach since July 29, days before some of its senior executives, including its chief financial officer, sold $1.8 million in shares.

After an investigation that included 62 interviews and a review of over 55,000 documents, including emails, text messages, phone logs, and other records, Equifax said the executives had no knowledge of the breach when they sold the stock.

“The conclusion that the Company executives in question traded appropriately is an extremely important finding and very reassuring,” non-executive Chairman Mark Feidler said in a statement.
Equifax clears executives who sold shares after hack | Reuters

Seriously.
Anybody who believes that these FOUR EXECUTIVES just happened to do this at an unknowingly convenient time???
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Old 11-05-2017, 02:17 PM
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Default Re: SEnator on Equifax hack: Someone needs to go to jail

Oh, FFS.

If the legal authorities accept this, then they have dropped (an additional) 500,000 points IMO.

Exactly how much more blatant can it get????
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