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Wednesday, October 1, 2014

Former e-commerce exec gets 15 months prison in eBay insider trading case, (NASDAQ: EBAY)

A former executive at GSI Commerce Inc was sentenced on Wednesday to 15 months in prison for insider trading related to the 2011 takeover of the e-commerce company by online retailer eBay Inc. Christopher Saridakis, who had led GSI's marketing solutions division, was also ordered by U.S. District Court Judge Stewart Dalzel in Philadelphia to pay a $10,000 fine, according to court records.Saridakis, 45, previously pleaded guilty to one count of securities fraud for leaking material nonpublic information in March 2011 about the planned merger.GSI shares rose nearly 51 percent on March 28, 2011, after eBay announced its $1.96 billion purchase of the King of Prussia, Pennsylvania-based company.Prosecutors said that days before the merger was announced, Saridakis texted a former business associate and friend to purchase GSIC stock "soon."

eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY fell by 2.07% or $-1.17/share to $55.46. In the past year, the shares have traded as low as $48.06 and as high as $59.70. On average, 13416800 shares of EBAY exchange hands on a given day and today's volume is recorded at 24010458.