SEC charges former GSI Commerce exec Chris Saridakis with insider trading - Technical.ly Philly

Business

Apr. 28, 2014 10:30 am

SEC charges former GSI Commerce exec Chris Saridakis with insider trading

Saridakis became president of GSI Commerce, which turned into eBay Enterprise after the acquisition. He left the company in January, according to Retailing Today, just one month after the New York Times featured the company prominently in a story about how eBay is taking on Amazon.

Chris Saridakis (center) at the launch of eBay Enterprise's warehouse in Louisville, Ky.

(Photo via Louisville Insider)

The Securities and Exchange Commission charged former eBay Enterprise president Chris Saridakis with insider trading, the Wall Street Journal reported.

Saridakis, a GSI Commerce executive at the time, tipped off two friends and two relatives to eBay’s 2011 acquisition of the King of Prussia-based GSI Commerce and encouraged them trade on the information, according to the WSJ report. After the acquisition was publicly announced, GSI’s stock price increased more than 50 percent, “leading to thousands of dollars in illegal profits for the traders,” the WSJ quoted the SEC as saying. The sale was the biggest tech business acquisition in the Philadelphia region in the last 15 years.

Saridakis became president of GSI Commerce, which turned into eBay Enterprise after the acquisition. He left the company in January, according to Retailing Today, just one month after the New York Times featured the company prominently in a story about how eBay is taking on Amazon.

Saridakis, who previously ran King of Prussia media technology company PointRoll after it was acquired by Gannett in 2005, has to pay $664,822 and agree not to serve as an officer or director of a public company for an unspecified time.

The U.S. Attorney’s office in Pennsylvania is pursuing criminal charges against Saridakis, the WSJ reported.

Meanwhile, questions remain at eBay Enterprise, according to one employee who asked to remain anonymous. Another executive, Mark Trout, head of Technology Services and Operations, left “suddenly” and without explanation earlier this month, the staffer said. eBay Enterprise confirmed Trout’s departure. Tobias Hartmann, VP of omnichannel operations and international, is serving as the company’s acting president.

Advertisement

eBay Enterprise spokeswoman Kelly Henry would not say how many employees the company has, though it employed nearly 5,000 in 2011.

Companies: eBay Enterprise, SEC
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Dispatch from The Hague: If the Trumps are serious about economic equity, ‘let women flourish’

Build the 21st century of government at Imagine Nation ELC 2018

More unicorns might finally IPO in 2018

SPONSORED

Philly

Why this dev planted roots at The Philadelphia Inquirer after starting her career abroad

Philadelphia, PA

Technical.ly Match

Web Manager

Apply Now
Philadelphia, PA

PromptWorks

Senior Software Engineer

Apply Now
Chesterrbrook, PA

Deacom

Software Quality Analyst

Apply Now

Hundreds rally outside Verizon store for Net Neutrality protest

Amazon dollars might be coming to Philly as part of $300M STEM education push

Cool talk alert: Learn how to score SBIR grant money

SPONSORED

Philly

Meet these 10 hiring companies at Super Meetup

Philadelphia

Vistar Media

Front End Engineer

Apply Now
Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now
Philadelphia, PA - Center City

Odessa

Sr. Project Manager

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!