U.S. SEC charges former SAP America executive with insider trading
By Nate Raymond
(Reuters) - The U.S. Securities and Exchange Commission on Thursday accused a former SAP SE (SAPG.DE: Quote) executive and three others of insider trading based on a tip he supplied about an impending merger.
The SEC alleged that Christopher Salis, then a global vice president at the software company's SAP America unit, received thousands of dollars in kickbacks for tipping off a friend ahead of its acquisition of Concur Technologies in 2014.
In a lawsuit filed in federal court in Hammond, Indiana, the SEC said Salis' friend, Douglas Miller, then told his brother, Edward Miller, and a mutual friend, Barrett Biehel. They then made trades before the merger's announcement.
The SEC also said Salis, 39, in 2007 told Douglas Miller, who co-owns a cash wash in Indiana with his brother, to non-public information in advance of a tender offer by SAP for Business Objects, Salis' then-employer.
The tips resulted in more than $545,000 in trading profits for Douglas Miller, his family, Biehel and another friend, the SEC said.
Kickbacks to Salis included at least $10,400 in cash, the agency said. A startup company he owned later received approximately $80,000 from Miller and his family, the SEC said.
SAP, in a statement, said Salis left the company in October 2015. SAP said it has cooperated fully in the investigation and was not a target.
Lawyers for Salis and Biehel did not respond to requests for comment. Thomas Kirsch, a lawyer for the Millers, said his clients had not committed any insider trading and looked forward to their day in court. Continued...