Bigger India
Indian American Former Equifax Software Developer Sudhakar Reddy Bonthu Charged with Insider Trading
Bonthu, an Indian citizen, entered a not guilty plea June 28 before U.S. Magistrate Judge Alan Baverman, who indicated the case would be referred to a U.S. district judge for a guilty plea at a later date.
An Indian American former software developer for Equifax faces insider trading charges related to the company’s massive data breach last year, federal prosecutors in Atlanta said June 28.
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.