Two Indiana men have admitted to a scheme to trade options before SAP SE’s purchase of Concur Technologies in 2014. The plan netted hundreds of thousands of dollars for Douglas Miller, 42, of Dyer, and Edward Miller, 45, of Munster. Both men pleaded guilty to conspiracy and other charges.
Douglas and Edward Miller say they were given non-public information about the acquisition from SAP Global Vice President Christopher Salis. The men then bought securities in Concur based on the information and planned to return a portion of the profits to Salis.
The Millers also admitted to concealing their crime by making financial transactions on "burner" phones, and then when learning of the investigation, Edward Miller destroyed electronic data and Doug Miller admitted lying to federal investigators. Salis pleaded guilty to one conspiracy count and wire fraud and will be sentenced on January 25, 2019. The Millers are set for sentencing on January 11, 2019.
Potential victims of the fraud scheme can find more information here.