The U.S. Securities and Exchange Commission has entered into the first nonprosecution agreement with an individual, according to a recent statement. Last week, it announced that Christopher Saridakis, the former chief executive officer and president of GSI Commerce Inc., had been charged with insider trading in connection with eBay’s acquisition of the company, tipping off friends and family with confidential information so they could gain more than $300,000 in illegal profits.
The commission says the case was “unraveled in part due to extensive cooperation by some of the tippees.” Five traders were charged, aside from Saridakis, and the first nonprosecution agreement was entered into with a trader “who provided extraordinary cooperation in the investigation,” according to the commission.
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