The Justice Department Is Investigating Equifax Officials Who Dumped Stock for Possible Insider Trading

Three top officials sold $1.8 million in stock days after the company learned it had been hacked.

AVNphotolab/Getty

The US Department of Justice has reportedly opened a criminal investigation into three top Equifax officials for possible insider trading, two sources tell Bloomberg.

The three officials—Chief Financial Officer John Gamble, President of U.S. Information Solutions Joseph Loughran, and President of Workforce Solutions Rodolfo Ploder—collectively sold nearly $1.8 million worth of Equifax stock days after the credit rating agency discovered a massive cyber-breach. The sale occurred about a month before the company publicly announced that there had been a major hack, potentially revealing information—including Social Security numbers, dates of birth, and credit card numbers—for up to 143 million people. Equifax has previously claimed that the three officials “had no knowledge that an intrusion had occurred at the time” they dumped their stocks. 

In an emailed response to Mother Jones, U.S. Attorney John Horn said: “The US Attorney’s Office for the Northern District of Georgia is working with the FBI to conduct a criminal investigation into the Equifax breach and resulting theft of personal information.” The Justice Department’s Atlanta division declined to comment on whether the three Equifax officials are the subject of an insider trading probe. 

This post has been updated.

THANK YOU.

We recently wrapped up the crowdfunding campaign for our ambitious Mother Jones Corruption Project, and it was a smashing success. About 10,364 readers pitched in with donations averaging $45, and together they contributed about $467,374 toward our $500,000 goal.

That's amazing. We still have donations from letters we sent in the mail coming back to us, so we're on pace to hit—if not exceed—that goal. Thank you so much. We'll keep you posted here as the project ramps up, and you can join the hundreds of readers who have alerted us to corruption to dig into.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate

Share your feedback: We’re planning to launch a new version of the comments section. Help us test it.