Former eBay Director Charged With Insider Trading
AP
Bryan B. Long, a CPA who was also eBay Inc.'s (EBAY) - Get Report former director of Securities and Exchange Commission reporting, has been charged with insider trading, according to a recently unsealed document detailing the charges.
Long allegedly traded shares ahead of PayPal Inc.'s (PYPL) - Get Report acquisition of Xoom Corporation, which at the time was owned by eBay.
The SEC claims that Long obtained material non-public information concerning the acquisition and used that information to trade shares.
Long allegedly purchased Xoom call options in late May 2015 shortly after PayPal made its initial acquisition offer. About one month later, Long allegedly engaged in a second round of illegal trades, purchasing additional Xoom call options that were set to expire in less than a month after learning that the deal was moving forward.
The SEC estimates that Long made nearly $36,000 by selling all of the options after PayPal officially announced the acquisition on July 1, 2015.