Tech Exec From San Mateo Faces Insider Trading Charges - NBC Bay Area
Peninsula

Peninsula

The latest news from around the Peninsula

Tech Exec From San Mateo Faces Insider Trading Charges

Former vice president with software company SAP disclosed confidential data to travel firm, DOJ says

    processing...

    NEWSLETTERS

    Tech Exec From San Mateo Faces Insider Trading Charges
    Getty Images/iStockphoto

    A San Mateo man was charged in a federal indictment for his alleged role in a scheme to commit insider trading and money laundering, U.S. Department of Justice officials said Thursday.

    According to an indictment returned Wednesday, when Christopher G. Salis, 39, was a global vice president of the software corporation SAP, based in the company's Palo Alto office, he disclosed confidential information about SAP's acquisition of the travel management company Concur to Douglas M. Miller of Dyer, Indiana.

    Douglas Miller, 40, and Edward M. Miller, 43 of Munster, Indiana, and others then allegedly bought securities in Concur with the intention of profiting from these purchases and returning a portion of the profits to Salis, Department of Justice officials said.

    The indictment by a federal grand jury in the Northern District of Indiana alleges that Douglas Miller made about $119,000 and Edward Miller made about $149,000.

    Other traders who received the information made a total of about $237,000, Department of Justice officials said. Salis allegedly received almost $90,000 in the scheme in the form of cash, checks and money orders.

    The three men are all charged with one count of conspiracy to commit wire fraud and securities fraud, one count of conspiracy to commit money laundering and one count of conspiracy to structure currency transactions involving a financial institution for the purpose of evading the reporting requirements, Department of Justice officials said.

    Salis is additionally charged with four counts of wire fraud and five counts of securities fraud.

    Douglas Miller is charged with six counts of wire fraud, five counts of securities fraud and one count of making false statements, Department of Justice officials said.

    Edward Miller is charged with one count of wire fraud, one count of securities fraud, one count of witness harassment and one count of obstruction of justice.

    Get the latest from NBC Bay Area anywhere, anytime
    • Download the App

      Available for IOS and Android