Two Doctors Charged With Insider Trading


Last month two doctors were charged by the Securities and Exchange Commission with insider trading when they received confidential tips from GSI Commerce marketing solutions CEO Christopher Saridakis prior to GSI's proposed sale to e-commerce giant eBay.  The tips netted  Suken Shah, M.D. $9,838 and his brother Shimul Shah, M.D. roughly $11,209. According to the Business Standard, Suken Shah paid a fine of $76,418 which is three times the total he and his tippee's profited from their trading. Following his meeting with eBay executives in March 2011, Saridakis relayed non-public information to the Shah's and 3 other friends whom he encouraged to trade on.

Altogether, the scheme totaled over $300,000 and Saridakis had to pay $664,822 in restitution and is barred from being officer-and-director.

Click here to read more from the Business Standard