A San Mateo man was charged in a federal indictment for his alleged role in a scheme to commit insider trading and money laundering.
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.
Bay City News is a 24/7 news service covering the greater Bay Area. © 2022 Bay City News, Inc. All rights reserved. Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited.
Citizens in Marin County dropped off an estimated 143 pounds of unused, expired and unwanted prescription drugs Saturday in...
A strong storm is possible on Thursday in the Bay Area in the second of two rain systems forecasted...
Monday is the last day for Bay Area residents and Californians in general to register to vote for the...
