U.S. alleges insider trading in eBay deal

WASHINGTON/NEW YORK (Reuters) - The U.S. government on Friday filed criminal and civil charges accusing a former executive of insider trading in advance of eBay Inc's purchase of his e-commerce company. The case against Christopher Saridakis, 45, is also notable because it marks the first time the U.S. Securities and Exchange Commission reached a so-called "non-prosecution" agreement with an individual, an unnamed trader who it said provided "early, extraordinary and unconditional" cooperation. Federal prosecutors in Philadelphia charged Saridakis, who led the marketing solutions division of GSI Commerce Inc, in a so-called criminal information with securities fraud for leaking material nonpublic information in March 2011 about eBay's plan to buy his company. GSI shares rose nearly 51 percent on March 28, 2011, after eBay, the online retailer, announced its $1.96 billion purchase of the King of Prussia, Pennsylvania-based company.

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