Deeksha Sood –
In US an Indian origin husband of ex-Amazon employee name Vicky Bohra age 37 was found guilty for using the inside sensitive information of the Amazon company. He was accused of making profit of 1.4 million by practicing this fraud.
Bohra’s wife had the access of confidential information about the revenue and stock details about the company, Bohra manage to get the inside information from his wife.
In November2020 he admitted that between 2016-2018 he used insider information acquire from his wife to trade amazon stocks.
‘’US Attorney Tessa Gorman stated that this case is a warning for those who try to fool the market for their own profit there is a heavy price for this offence with a felony conviction and prison sentence.‘’
Bohra and his family made a profit of 1.4 million and paid 2.7 million as a penalties, interest in this case.
On 10th of June US district court sentence Bohra for 26 months in prison for hampering the security due to his insider activities.
The trade was conduct in blackout period 2016-2018, counting of information obtained from his wife to make successful in advance of Amazon earning announcements.
‘’FBI special agent in charge Donal M. Voiret stated that Bohra very well knew what he was doing and was driven solely by greed.’’
US court said Bohra’s wife will not face criminal charges as she is no longer an employee of Amazon.
Demanding 33 months of imprisonment the prosecutor wrote to the court that Bohra made a profit of 1.4 million by utilising the information from his wife and making illegal stocks and option trades he also accused Bohra for engaging illegal insider trading activities advance 11 straight earning announcements.
On September 28, 2020 Bohra was charged by the (SEC) secutity exchange commission in civil insider trading case.
