The Securities and Exchange Commission (SEC) has brought insider trading charges against a former software executive, Christopher Salis, and his three close friends, Douglas Miller, Edward Miller and Barrett Biehl, who allegedly made over half a million dollars based upon an illegal tip regarding a corporate merger.
According to the SEC complaint, Christopher Salis was a global vice president at SAP America, Inc. (SAP) when he became aware of plans for an upcoming SAP merger with Concur Technologies, Inc. (Concur). Salis allegedly tipped his close friend, Douglas Miller, who allegedly then passed on the tip to his brother, Edward Miller and another friend, Barrett Biehl. Douglas Miller and his brother, Edward, allegedly rushed to open brokerage accounts in order to quickly begin trading in securities of Concur based upon the tip from Mr. Salis. In total, the complaint notes that the tip from Mr. Salis yielded illicit trading profits of over $545,000 for Douglas and Edward Miller, Barrett Biehl, the Miller’s parents and another friend. The SEC complaint further alleges that Mr. Salis received at least $10,400 in kickbacks and his startup company later received nearly $80,000 from Mr. Miller and his family. Continue reading →