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Joe Uchill Mar 14
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Charged Equifax exec figured out firm was breached on his own

Sign with logo and a portion of the main building are visible at the headquarters of credit bureau Equifax in downtown Atlanta, Georgia. (Photo via Smith Collection/Gado/Getty Images)
The headquarters of credit bureau Equifax in downtown Atlanta, Georgia. Photo: Smith Collection/Gado via Getty Images

Equifax U.S. Chief Information Officer Jun Ying, whom the SEC alleges illegally traded shares in the company after a data breach, wasn't told by the company about the incident and instead pieced together that Equifax was breached on his own from scraps of information, according to the SEC's insider trading complaint.

Why it matters: Figuring it out on his own might be a key point in Ying's defense if the case went to trial, according to David Axelrod, a former supervisory trial counsel at the SEC. "A defense attorney could say he did not have material knowledge of the breach," said Axelrod, who is now an attorney for Ballard Spahr.