SEC sets insider trading charge in Dell-Perot deal

NEW YORK: The US Securities and Exchange Commission on Wednesday (local time) charged a Texas man with insider trading for reaping $8.64 million of illegal profit related to Dell Inc's planned purchase of Perot Systems Corp.

According to a complaint filed with the federal court in Dallas, Reza Saleh, 53, bought 9,332 call option contracts on Perot through two TD Ameritrade brokerage accounts between Sept 4 and Sept 18, after learning about merger talks through his employment.

The commission said that Saelh, a resident of Richardson, Texas, sold the contracts after Dell's $3.9 billion takeover of Perot Systems was announced on Sept 21, resulting in the illicit profit.