Texting Lands eBay Exec in Hot Water for Alleged Insider Trading

A text message exchange between a senior executive at GSI Commerce and his friend in 2011 before eBay acquired the company has been cited as evidence of insider trading in criminal charges filed by the government. eBay has since rebranded the company eBay Enterprise, where the executive, Chris Saridakis, served as president until January of this year. The Securities and Exchange Commission also alleged that Saridakis violated a duty of trust by providing two family members and two friends with nonpublic information about the pending acquisition of GSI Commerce and encouraged them to trade on it.