Christopher G. Salis, a former global vice president of SAP, along with two associates, were charged in a federal indictment Thursday for their roles in a scheme involving insider trading and money laundering.
The U.S. Justice Department said a former global vice president of SAP and two others were charged in a federal indictment Thursday for their roles in a scheme involving insider trading and money laundering that allegedly resulted in “hundreds of thousands of dollars in profits.”
The former SAP executive, Christopher G. Salis of San Mateo, Calif., along with Douglas M. Miller of Dyer, Ind., and Edward M. Miller of Munster, Ind., were charged in a 17-count indictment returned by a federal grand jury in the Northern District of Indiana.
The charges against these men include wire fraud, securities fraud, and conspiracy to structure currency transactions involving a financial institution for the purpose of evading reporting requirements. Edward Miller is also charged with one count of witness harassment and another for obstructing justice.
According to the indictment, while Salis was employed as a SAP global vice president, he obtained confidential information about SAP’s acquisition of Concur, which he disclosed to Douglas Miller. Douglas Miller, Edward Miller and others then allegedly bought securities in Concur based on this information to profit from these transactions and return a portion of those profits to Salis.
Following the acquisition, the indictment alleges that Douglas and Edward Miller sold their securities, with Douglas Miller making about $119,000 and Edward Miller generating about $149,000. Other traders who allegedly used the information profited by about $237,000, the indictment noted.
“In order to conceal the nature of the proceeds, the Millers allegedly used cash, money orders and checks to transfer some of their trading profits to Salis,” the Justice Department said. “In total, Salis allegedly received nearly $90,000 from his co-conspirators.”
Former SAP VP indicted for money laundering
