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Equifax executives sold stock after data breach, before informing public

SEC filings show sales worth about $1.8 million that were not pre-planned



From left: Equifax executives John Gamble, Rodolfo Ploder and Joseph Loughran.

After Equifax Inc. discovered a massive data breach that may have endangered the personal information of up to two-thirds of Americans, but before the company divulged the information, three executives sold their Equifax stock, according to Securities and Exchange Commission filings.

Equifax EFX, -14.87% discovered the data breach July 29. On Aug. 1 and Aug 2., ahead of Thursday’s breach announcement, several Equifax executives sold almost $2 million worth of stock combined, according to SEC documents from August.

Read: Equifax breach risks 143 million Americans’ data, stock plunges 13%

Also see: After huge data breach, Equifax not telling all customers if they are affected

As first reported by Bloomberg News, Chief Financial Officer John Gamble banked $946,374 on the sale, U.S. Information Solutions President Joseph Loughran made $584,099 and Consumer Information Solutions President Rodolfo Ploder earned $250,458. In the same filing, Loughran exercised an option to buy 3,000 shares at a price of $33.60.

While Equifax did not return a call from MarketWatch on Thursday, a company spokesperson told The Guardian and Gizmodo that the executives had “no knowledge” of the breach at the time they sold their shares.

http://www.marketwatch.com/story/equifax-executives-sold-stock-after-data-breach-before-informing-public-2017-09-07