Business Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Between 2016 and 2018, Viky Bohra illegally traded Amazon stock for a profit of $1.4 million.See more stories on Insider's business pageThe husband of a former Amazon employee was sentenced Thursday to 26 months in prison after pleading guilty in November to insider trading,For two and a half years, starting in 2016, Viky Bohra admitted to using confidential financial information he received from his wife, Laksha, to place illegal trades on Amazon stock for a profit of $1.4 million.
According to court records, Bohra accessed information about Amazon revenue and expenses from his wife, who at the time worked as a senior manager in Amazon's tax department, and used that information in violation of trading blackout periods. "Bohra's conduct was not an isolated incident, limited to trading before one Amazon earning's statement. Rather, Bohra engaged in illegal insider trading in advance of 11 straight earnings announcements," prosecutors wrote to the court.against Bohra, his wife, and his father, for which they paid more than $2.6 million to repay the illegal gains, along with interest and penalties.
"Vik Bohra deeply regrets this conduct, accepts full responsibility, and intends to promptly repay the funds," said attorney Peter Offenbecher in a statement at the time, according to The Seattle Times."This case should stand as a warning to those who try to game the markets with insider trading: there is a heavy price to pay with a felony conviction and prison sentence," US Attorney Tessa M. Gorman said in a statement.NewsletterSomething is loading.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amazon may face $425 million fine over alleged EU privacy violations: reportThe data protection commission for Luxembourg, the CNPD, has proposed that Amazon receive what would amount to the largest-ever fine under European Union...
Read more »
The Best Pool Alarms Available on AmazonHave a swimming pool? Invest in a pool alarm to keep your child safe. We’ve rounded up the best door, above-ground, in-ground, floating and wearable pool alarms on Amazon.
Read more »
Amazon Music Launches 'DJ Mode' Personalized On-Demand Radio FeatureAmazon Music has launched DJ Mode, a new take on internet radio stations that combines artist commentary with the platform’s most popular playlists.
Read more »
20 Things From Amazon That'll Help You Exercise With Your Dog MoreBecause it's more fun to workout when you're with your best friend.
Read more »