India-origin couple indicted for wrongfully gaining millions from Amazon stocks

Source :Sify
Author :Finance Desk
Last Updated: Tue, Sep 29th, 2020, 18:53:18hrs
Amazon

San Francisco: The US Securities and Exchange Commission on Monday has charged the Bohras, husband-wife duo of Viky and Laksha Bohra, former employees of Amazon, for exchanging crucial stock-related information. The committee observed that the Bohra couple along with Gotham Bohra (father of Viky) wrongfully gained $1.4 million by crucial corporate information.

"We allege that the Bohras repeatedly and systematically used Amazon's confidential information for their own gain," Erin Schneider, Director of the SEC's San Francisco Regional Office, said in a statement.

The SEC in its report explained that Laksha Bohra, who worked as a senior manager at Amazon's tax department would pass information to her husband (Viky Bohra). Viky and Gotham traded Amazon stocks via 11 seperate accounts opened in the names of other family members.

The SEC marks its observation for Jan'2016 - Jul' 18, when Laksha prepared and reviewed several calculations of Amazon's quarterly and annual earnings which had to be filed with the SEC.

The complaint further alleges that Laksha disregarded reminders prohibiting her from passing material non-public information or recommending the purchase or sale of Amazon securities.

The SEC noted, "Employees with access to confidential, potentially market-moving corporate information may not use that information to enrich themselves, their friends, or their families."

The SEC's complaint, filed in the federal court in Seattle, charges all three Bohras with violating anti-fraud provisions of the federal securities laws.

In a parallel action, the US Attorney's Office for the Western District of Washington on Monday filed criminal charges against Viky Bohra.