A former board assistant to the co-chief executive officer of SAP AG, the German software maker, made $43,500 in illicit profit through insider trading, the Securities and Exchange Commission claimed in a lawsuit.
David F. Marchand, 41, was sued yesterday in federal court in Newark, New Jersey, and agreed to pay $89,155 to settle the case. The SEC claimed he profited from trades he made before SAP said it would buy SuccessFactors Inc. in 2011 and Ariba Inc. in 2012. Marchand also bought SAP shares before the company’s release in January 2012 of favorable financial performance results, the SEC said.
A judge must approve the agreement, which requires Marchand to pay $43,500 in ill-gotten gains, a penalty of $43,500 and prejudgment interest of $2,155. Marchand, of Campbell, California, neither admitted nor denied the allegations in consenting to the judgment.
Marchand had agreed in December 2005 not to disclose or use confidential information from Walldorf, Germany-based SAP, according to the SEC. He worked from September 2011 to February 2012 as a board assistant to SAP’s co-CEO, which gave him access to his boss’s e-mail and calendar and other sensitive materials, according to the agency.
Marchand didn’t immediately return a call seeking comment on the settlement.
The case is Securities and Exchange Commission v. Marchand, 13-cv-7754, U.S. District Court, District of New Jersey (Newark).
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