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Indian-Origin Husband Of Ex-Amazon Employee Jailed For Securities Fraud In US

US insider buying and selling: Viky Bohra’s spouse is not going to face felony expenses (Representational)

Washington:

The Indian-origin husband of a former Amazon worker has been sentenced to 26 months in jail by a US court docket for securities fraud and illegally making a revenue of USD 1.four million through the use of inside buying and selling info from his spouse.

Viky Bohra, 37, from Bothell, Washington state, pleaded responsible in November 2020, admitting that between 2016 and 2018, he used Amazon inside info he obtained from his spouse, an Amazon finance worker, to position trades in Amazon stock-making a revenue of $1.four million, performing US Attorney Tessa M Gorman stated.

Mr Bohra was sentenced on June 10 in US District Court in Seattle to 26 months in jail for securities fraud because of his insider buying and selling exercise, the US Department of Justice stated in a press launch.

At the sentencing listening to, US District Judge James L Robart famous that Bohra had turned his spouse and father into criminals and added “I firmly believe white collar crime deserves equal treatment to what we call street crime.”

“This defendant and his wife were earning hundreds of thousands of dollars in salary and bonuses from their jobs in tech — but he was not content with that — greedily scheming to illegally profit by trading Amazon stock,” stated US Attorney Tessa M Gorman.

“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.”

According to data filed within the case, Mr Bohra’s spouse had entry to confidential info relating to Amazon income and bills. Because of that work, Mr Bohra and his spouse have been topic to blackout durations throughout which no Amazon inventory could possibly be traded.

Mr Bohra’s spouse was suggested of insider buying and selling insurance policies making it clear the accountability to safeguard confidential monetary info. Despite these warnings, Mr Bohra obtained his spouse’s confidential info and traded in Amazon inventory and choices in accounts tied to him and his father.

Trades occurred throughout blackout durations and, from 2016 to 2018, relied partially on info from his spouse to make profitable trades prematurely of Amazon earnings bulletins.

“(Mr) Bohra knew exactly what he was doing and was driven solely by greed,” stated Donald M Voiret, FBI Special Agent in Charge of the Seattle Field Office. “With his nearly unlimited access and knowledge of securities trading, he undermined public trust in our financial markets.”

In asking for a 33-month sentence, prosecutors wrote to the court docket, “over two and a half years, (Mr) Bohra, using information provided by his wife, made over USD 1.4 million by making illegal stock and options trades. (Mr) Bohra’s conduct was not an isolated incident, limited to trading before one Amazon earning’s statement. Rather, (Mr) Bohra engaged in illegal insider trading in advance of 11 straight earnings announcements.”

On September 28, 2020, Mr Bohra was charged by the Securities and Exchange Commission (SEC) in a civil insider buying and selling case.

He and his members of the family have paid USD 2,652,899 in disgorgement, curiosity and penalties. Based upon these funds, the United States isn’t looking for forfeiture on this case, the press launch stated.

As a part of the plea settlement, Mr Bohra’s spouse is not going to face felony expenses. Mr Bohra’s spouse is now not employed at Amazon, it stated.

The case was investigated by the Federal Bureau of Investigation (FBI), it added.

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