Former eBay executive guilty of insider trading

    A former executive of the internet auction firm eBay has pleaded guilty to insider trading violations in federal court in Philadelphia.

    According to federal prosecutors, 45-year-old Christopher Saridakis, of Wilmington, Delaware was a senior executive at another company, GSI Commerce, which was set to be bought out by eBay in 2011.

    On Friday, Saridakis acknowledged tipping off a friend that he should buy GSI stock and that man did, purchasing 25,000 shares for about $470,000, which he was able to sell for a profit of more than $260,000 when eBay bought GSI a few months later.

    Saridakis allegedly shared the same insider information with other family and friends.

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    He’s scheduled for sentencing Sept. 19. Saridakis and others are also being sued by the Securities and Exchange Commission for the insider trades.

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