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."