Sunday, November 29, 2015

Ex-eBay exec pleads to insider trading

Former GSI Commerce president Chris Saradakis. (Photo from
Former GSI Commerce president Chris Saradakis. (Photo from

A former eBay executive today pleaded guilty to insider trading charges and is now facing a sentence of up to 20 years in prison.

Christopher Saridakis, 45, of Wilmington Del, was privy to information in March 2011 about the pending eBay acquisition of GSI Commerce, an online retailing company based out of King of Prussia. Saridakis texted messages to friends and family members suggesting they buy GSIC shares “soon.” Two days later, one of the friend bought 25,000 shares of GSIC on margin for about $470,000. The frind sold them three months later for $737,500 making an “illicit profit of $260,304 as a result of the text messages,” said Zane David Memeger, U.S. Attorney for the Eastern District of Pennsylvania in a statement.

After the sale, Saridakis ran GSIC for eBay, according to a report by PhillyDeals columnist Joseph N. DiStefano.

“Mr. Saridakis accepts responsibility for his conduct in his matter,” Saridakis’s attorney Richard J. Zack, told DiStefano in April, “He has done everything he can to make the situation right and will continue to do so. He deeply regrets the effect of his mistake on his family and friends."

More coverage
  • Feds accuse eBay exec of insider trading
    We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
    Help us moderate this thread by flagging comments that violate our guidelines.

    Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

    Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

    Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

    Read 0 comments
    comments powered by Disqus
    Also on
    letter icon Newsletter