Ex-Equifax Software Developer Charged with Insider Trading

This July 21, 2012, photo shows Equifax Inc., offices in Atlanta. Credit monitoring company Equifax says a breach exposed social security numbers and other data from about 143 million Americans. Photo: AP/Mike Stewart
This July 21, 2012, photo shows Equifax Inc., offices in Atlanta. Credit monitoring company Equifax says a breach exposed social security numbers and other data from about 143 million Americans.

June 28, 2018 09:11 AM

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.

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RELATED: Equifax Finds Additional 2.4 Million Impacted by 2017 Breach

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.

RELATED: Democrats on House Panel Urge Equifax to Extend Protections

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The Associated Press

(Copyright 2018 by The Associated Press. All Rights Reserved.)

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