Ex-Equifax software developer charged with insider trading

Federal prosecutors in Atlanta have announced that a former software developer for Equifax faces insider trading charges related to the company’s massive data breach last year.

The U.S. attorney’s office says Sudhakar Reddy Bonthu is to be arraigned Thursday morning. It wasn’t immediately clear whether he had an attorney who could comment.

A court filing says Bonthu used nonpublic information to determine that Equifax had been breached before any public announcement. Prosecutors say he bought 86 put options in Equifax stock. They say he made about $75,000 when he exercised those put options after the breach was announced.

Equifax shares plunged in value after the Atlanta-based credit reporting company disclosed the breach on Sept. 7. The company ultimately revealed that the personal information of nearly 150 million Americans was exposed.

Source: abcnews.go.com

Author: Tech Poster

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