Expedia employee admits insider trading
An IT technician employed by Expedia Inc allegedly used his expertise to gain access to executives’ computers and gleaned confidential information which he used to make money trading in the company’s shares.
Jonathan Ly, who is no longer with the travel giant, pleaded guilty to one count of securities fraud in the US District Court in Seattle on Monday.
He allegedly made $331,000 from gaining access to ‘non-public and proprietary information belonging to Expedia’.
Ly, who worked for Expedia’s Hotwire brand, infiltrated employee accounts including those of Expedia’s chief financial officer and its head of investor relations, assistant US attorney Katheryn Frierson said in court documents.
"Ly fraudulently obtained the information in order to execute a series of well-timed and lucrative securities trades in Expedia options," Frierson said.
Ly is accused of stealing information from 2013 until late 2015.
Prosecutors allege Ly continued to steal information even after he left the company in April 2015, by using a company-owned laptop he failed to return.
They said he had information about Expedia’s earnings reports and privileged knowledge of market moving events such as the impending approval from the Department of Justice of Expedia’s takeover of Orbitz.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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