Former Equifax Staffer Charged with Insider Trading
CBJ — A former software developer for Equifax faces insider trading charges related to the company’s massive data breach last year.
News of the charges was made known by federal prosecutors in Atlanta, the city of the company’s headquarters.
Sudhakar Reddy Bonthu, 44, used nonpublic information to determine Equifax had been breached last year before any public announcement and then bought put options that he exercised for a profit of more than $75,000 after the breach was announced, according to a court filing.
Bonthu, an Indian citizen, entered a not guilty plea. He was allowed to remain free on a $20,000 signature bond, which means he doesn’t have to pay anything unless he fails to appear for hearings.
Bonthu is the second former employee of the Atlanta-based credit reporting company to face insider trading charges related to last year’s data breach. Jun Ying, former chief information officer of Equifax’s U.S. Information Solutions, was indicted in March.