WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced that it has charged Christopher Salis, former global vice president of SAP America, with alleged insider trading.
According to the SEC, Salis received kickback money for tipping Douglas Miller about an upcoming acquisition of Concur Technologies by SAP. Miller then allegedly told his brother Edward Miller and mutual friend Barrett Biehl as they rushed to open online brokerage accounts to make short-term trades in Concur call options. Because of this, they were able to profit on the deal.
“When corporate insiders exploit confidential information to enrich themselves and their friends, they undermine the level playing field that is fundamental to our capital markets,” Scott W. Friestad, associate director in the SEC’s Division of Enforcement, said. “As this and recent cases demonstrate, we are working aggressively to root out and identify insider trading by connecting patterns of trading to sources of material nonpublic information.”
The SEC charges Salis, Douglas Miller, Edward Miller and Biehl with violating Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934.