Former Silicon Valley Tech Executive Faces Insider Trading Charges

A former Silicon Valley tech executive is facing insider trading charges over allegations that he tipped off a college friend about SAP's impending acquisition of Concur Technologies.

Christopher Salis was a global vice president at software company SAP America when he spilled confidential information about the deal to close friend Douglas Miller, who was in debt and struggling to run a failing carwash business, according to a complaint filed Thursday by the Securities and Exchange Commission. Miller then allegedly tipped off his brother, parents and two friends, and together they made more than $500,000 in trading profits. The SEC claims Salis received almost $100,000 in kickbacks for his role.

"When corporate insiders exploit confidential information to enrich themselves and their friends, they undermine the level playing field that is fundamental to our capital markets," Scott Friestad, associate director in the SEC's Division of Enforcement, wrote in a news release.

Salis could not be reached for comment.

In an emailed statement, SAP representative Atle Erlingsson noted Salis left the company in October.

"SAP cooperated fully with the SEC in this matter and was not itself the target of the investigation," Erlingsson wrote. "SAP is strongly committed to the highest standards of integrity and ethic and has zero tolerance for any business misconduct."

On Thursday afternoon, Salis' LinkedIn profile listed him as a "start-up advisor" in the Bay Area.

Salis, a San Mateo resident who worked in SAP's Palo Alto office for three years, found out in 2014 about the company's confidential plans to acquire business-travel software company Concur Technologies, according to the SEC complaint. He allegedly told Miller, a close friend whose wedding he attended as the best man, and Miller relayed the information to his brother Edward Miller, his parents, their mutual friend Barrett Biehl and another unnamed friend. They then scrambled to buy call option contracts,...

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