“Delaware millionaire gets prison sentence”
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.
Wow, and insider trading. I thought the 1% was exempt from economic crimes. Most middle class people would be lucky to have 300K in their IRA after a life time of working and saving and these parasitic maggots make it in a dishonest days work
More of these bank crooks of Wall Street should be in jail except that Eric Holder failed to do his Job
Agreed. Eric Holder and his boss were (are) too deferential to the banks. As is the Fed and the financial and banking committees in Congress that are supposed to care.
You know what would be cool? A political party that was set up to defend the non-bank citizens from the abuses of modern capitalism. A sort of left-of-center party that didn’t have supporting the corrupt economic status quo as its mission.
That would be awesome.
After all this time it is good to see a man get some jail time for insider trading. After Martha got sent to camp cupcake I figured only women could be sentenced to jail.
I suppose I better get his bill out…… Quick