January 5, 2010
Former Perot Systems Employee Settles Insider Trading Charges in Connection with Dell Merger
The SEC today announced that Reza Saleh, a former Perot family companies employee, agreed to return all of his profits — a total of more than $8.6 million -- from alleged insider trading. Just two days after Dell Inc. announced plans to acquire Perot Systems, the SEC charged Saleh with insider trading, alleging that he illegally traded in Perot Systems call options after learning about the merger before it was announced. The SEC obtained a court order at that time freezing all of Saleh's trading profits.
Under the terms of the settlement filed today 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 illegal profits. The SEC also will ask the court to impose a financial penalty against Saleh. The settlement is subject to court approval.
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