I think we can all agree that it is pretty rare for an actual 1%er to get jail time. So rare, in fact, that I think the NJ headline writer did a good job capturing the essence of this surprising story.
Delaware millionaire gets prison sentence
PHILADELPHIA – Former eBay executive Christopher Saridakis of Greenville, Delaware, was sentenced to 15 months in prison for insider trading Wednesday by a U.S. District Court judge.Saridakis, 45, tipped off two family members and two friends in 2011 to the pending sale of GSIC – where he was chief executive officer – to eBay days before the sale was announced. The tip allowed those individuals to realize more than $300,000 profit, according to prosecutors.
“There has to be consequences,” District Judge Stewart Dalzell told Saridakis before imposing the sentence.
In brief comments to the court, Saridakis apologized for his actions and said he was not going to make excuses for his behavior. “I know what I did was wrong,” he said, “I’m humiliated, embarrassed and ashamed.”
Saridakis’ statement is a little surprising as well, but not as surprising as the fact that he is getting actual jail time.