Not according to precedent in the case referenced here: https://www.bloomberg.com/opinion/articles/2018-03-18/equifa....
3 karma · joined June 29, 2019
I worked for him when this happened - he was a smart guy who happened to guess right. He hadn’t been informed of the breach when he traded his options, he just make an educated guess based upon things happening. I don’t think it was right, but it definitely wasn’t malicious. The company could have closed the trading window which would have prevented it.
The worst thing for him is that he would have been made the global CIO if he hadn’t cashed in his options. The money in this transaction is peanuts compared to what he lost there.
Edited: app was NOT in his dept