Perot man charged with insider trading returns $8.6 million
06 January 2010 | 9225 views | 0
A former Perot Systems employee accused of insider trading by the US Securities and Exchange Commission (SEC), has agreed to return $8.6 million in 'illicit profits'.
The US watchdog alleged that Reza Salah illegally traded in Perot Systems call options after learning of an impending merger deal with Dell.
The SEC further obtained a court order freezing all of Saleh's trading profits.
Under the terms of the settlement, filed Tuesday in federal court in Dallas, the SEC plans to ask the court to appoint a third party to recommend a distribution plan for Saleh's $8.6 million haul. The watchdog is also calling on the court to impose a financial penalty on the former Perot man.