Equifax execs not likely to face jail time
I read that a group of senators want the SEC to look into the Equifax executives who sold $2 million in stock three days after their massive security breach was discovered. One of them even mentioned possible jail time.
I’ll believe it when I see it. Thirteen years ago, a similar thing happened in Atlanta and the SEC did nothing. In October 2004, after a large security breach was uncovered at Choicepoint, a company which had spun off from Equifax, the CEO and COO sold $18 million worth of stock prior to public disclosure of their breach.
The Choicepoint CEO claimed that he didn’t know about the breach until late December 2004. The SEC apparently believed him and did absolutely nothing.
If a CEO can successfully claim ignorance of a serious breach for two full months, certainly the Equifax executives should be able to claim ignorance for three days. ERIC RIDENOUR, ALPHARETTA