News


Former vice president of SAP charged with insider trading, money laundering

Christopher G. Salis allegedly disclosed confidential information about company's acquisition of Concur

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.

Comments

8 people like this
Posted by resident
a resident of Downtown North
on Oct 23, 2016 at 10:41 am

Are mug shots of the perps available? Are they now in jail, or is this a slap-on-the-wrist white collar crime?


12 people like this
Posted by Tell Me
a resident of Midtown
on Oct 23, 2016 at 1:25 pm

Tell Me is a registered user.

Why is it that the people who have the least need or reason to commit these white collar crimes seem to be the ones most likely to commit them?

I often wonder if it is a case of the rich getting greedier the wealthier they get-- like an obsessive illness requiring psychiatric help!


14 people like this
Posted by curious
a resident of Old Palo Alto
on Oct 23, 2016 at 2:09 pm

It's disgusting that the only white collar criminals who ever make the headlines are the smallest fish in the pond. We are spending tax dollars to prosecute someone who made an illegal profit of $90K. Where are all the indictments for the billions that Wall St. execs and traders stole during the financial crisis ? The two top execs at Wells Fargo, who intentionally stole millions from honest people, are walking away with $120M+ each. $90K is a rounding error on the bonuses that these execs are walking away with.


6 people like this
Posted by Solyndra, anyone?
a resident of Palo Alto High School
on Oct 23, 2016 at 2:39 pm

Remember a little ole company named Solyndra that took hundreds of millions of US taxpayer dollars handed out by a branch of the Obama Administration...and failed....while not paying back the grants. Right here in Silicon Valley. The executives were handsomely paid in meantime. Look it up.


4 people like this
Posted by Look it up
a resident of Midtown
on Oct 23, 2016 at 3:15 pm

For "Solyndra, anyone?"

And if you do "Look it up" you'll find that the government got back hundreds of millions on the bankruptcy asset sale.

Do some more ""Look it up" You'll find that the nation lost BILLIONS in the financial crisis, During the Bush administration. No jail, just more bonuses for the perpetrators. While regular people lost their homes. Go on, look it up.

And we don't know yet what's going to happen with Theranos. Again - BILLIONS.


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