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Appalling. One would have thought that a C-level officer in a listed company would know enough about insider trading as to not do it...
What would’ve happened if this guy just bought some puts in a regular brokerage account?
"Three Equifax Inc. senior executives -- Chief Financial Officer John Gamble, and unit presidents Joseph Loughran and Rodolfo Ploder -- sold shares worth almost $1.8 million in the days after the company discovered the breach. Equifax has said those three executives had not been informed of the incident when they initiated the sales." While I'm not sympathetic to the U.S. CIO named in this article, I find it somewhat…
> The finance dudes get a clean bill of health, and the tech guy gets thrown to the feds. Maybe the finance dudes are not so retarded to sell their stock immediately after one of the biggest data leaks in history with no ahead of time sell plan, and after googling what was the impact on the stock price of another data leak. Pretty bad op-sec for a tech guy. Or maybe he's just financially clueless, and doesn't know th…
Appalling. One would have thought that a C-level officer in a listed company would know enough about insider trading as to not do it...
The company was intentionally keeping him in the dark about the matters, and he put things together. Is that really insider trading?
Let's say, you are in charge of security. The CEO is never interested in your work. One day, you got an invitation to meet with the CEO. You sold all your stock before you go to the meeting (based on a guess that something bad might have happened). Is that illegal? Is the meeting invite considered material non public information?
Appalling. One would have thought that a C-level officer in a listed company would know enough about insider trading as to not do it...
What would’ve happened if this guy just bought some puts in a regular brokerage account?
Earlier quoted context omitted.
The company was intentionally keeping him in the dark about the matters, and he put things together. Is that really insider trading?
Insider trading requires inside _knowledge_. Deducing it oneself is not a defense. Just like classified information, it doesn't matter how you got it, it matters what you do with it.
If insider trading laws didn't exist, would we have known that something was wrong more quickly? Are high-volume trades from executives public? It seems to me that insider trading laws mean people take every step to keep bad things about a company secret, which is not good for consumers.