Insider Trading Duo Plead Guilty

Two Indiana men have pleaded guilty to conspiracy and other charges related to a scheme to trade in options ahead of SAP SE’s 2014 acquisition of Concur Technologies, netting them hundreds of thousands of dollars in profits.

Douglas M. Miller, 42, of Dyer, Indiana, and Edward M. Miller, 45, of Munster, Indiana, each pleaded guilty to one count of conspiracy to commit securities and wire fraud before U.S. District Judge Philip P. Simon of the Northern District of Indiana. Douglas Miller also pleaded guilty to one count of making a false statement, while Edward Miller pleaded guilty to one count of obstruction of justice.

According to admissions made in connection with their guilty pleas, the Millers obtained material, non-public information about SAP’s September 2014 acquisition of Concur from Christopher Salis, a global vice president at SAP. The Millers and others then purchased securities in Concur based on this information for the purposes of profiting from these transactions and returning a portion of the profits to Salis.

Following the acquisition, the Millers and their co-conspirators sold the securities and earned hundreds of thousands of dollars in profits. The Millers also admitted to taking further steps to conceal their scheme by structuring financial transactions and using ‘burner’ phones to communicate with their co-conspirators.

Edward Miller took steps to hinder and impede the investigation, including by destroying electronic data found on the ‘burner’ phones. Douglas Miller also admitted to lying to federal investigators.

The Millers are the second and third individuals to plead guilty as a result of the investigation into insider trading ahead of SAP’s acquisition of Concur. In February 2017, Salis pleaded guilty to one count of conspiracy to commit securities and wire fraud in connection to the scheme.

Sentencing for the Millers is scheduled for Jan. 11, 2019. Salis is scheduled to be sentenced on Jan. 25, 2019. The case is being investigated by the U.S. Postal Inspection Service’s Mail Fraud Team and the FBI’s Chicago Field Office. The case is being prosecuted by Assistant Chief Justin D. Weitz and Trial Attorney Jennifer L. Farer of the Criminal Division’s Fraud Section.

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