June 16, 2016

The SEC announced charges against Christopher Salis, former global vice president at SAP America, for receiving thousands of dollars in kickbacks for tipping Douglas Miller in advance of SAP’s impending acquisition of Concur Technologies.  Miller then tipped his brother, Edward Miller, and mutual friend, Barrett Biehl, as they rushed to open online brokerage accounts and make risky, short-term trades in Concur call options so they could profit substantially when the deal was publicly announced.  The SEC has also linked Salis and Douglas Miller to suspicious trades in 2007 that were made in advance of a tender for a company called Business Objects where Salis worked at the time.  SEC

Tagged in: Insider Trading, Securities Fraud,