December 8, 2016
A former information technology specialist at online travel company Expedia settled charges of insider trading on hacked nonpublic information.
Jonathan Ly previously worked in the San Francisco-based company’s IT services department and allegedly exploited administrative access privileges designated for IT personnel, according to a SEC release.
By using the privileges, Ly “illegally traded in advance of nine company news announcements from 2013 to 2016 and generated nearly $350,000 in profits.” His insider trading ruse continued once he left Expedia through a stolen company laptop he kept to access the company's network to siphon confidential information remotely.
To settle the SEC complaint, Ly has agreed to pay a total of $375,907.02. The settlement is subject to court approval.