A Washington state man has been sentenced to 26 months in prison for using insider information about Amazon to trade company shares from his wife.
Acting US Attorney Tessa Gorman said 37-year-old Vicki Bohra received a sentence Thursday for illegally trading Amazon stock after pleading guilty to securities fraud last year.
Gorman said Bohra admitted that he made a profit of $1.4 million between 2016 and 2018 with information provided by his wife.
Prosecutors said she had access to confidential information about Amazon’s revenue and expenses and because of her work, the couple were subject to a blackout period when no stock could be traded, prosecutors said. Despite that ban, Bohra did business during the blackout period, prosecutors said.
Bohra’s wife, Lakshya Bohra, will not face charges as a result of her husband’s plea agreement with federal prosecutors.
Boyra and his family have paid $2.6 million in fines and interest in the case. Because of those payments, the federal government will not seek forfeiture, Gorman said.
According to court records, Laksh Bohra began his work with the company in December 2012 as a transfer pricing manager in Amazon’s tax department and was promoted to senior manager in May 2018.
Court records state that he had access to Amazon’s financial reporting databases and shared network files, was suspended from his job in October 2018 and resigned shortly thereafter.
Amazon spokesman Ian Allen-Anderson declined to comment on the matter on Friday.
Gorman described insider trading as unbridled greed.
Gorman said in the statement, “The defendant and his wife were earning hundreds of thousands of dollars in salaries and bonuses from their jobs in tech — but they were not satisfied with it — by greedily trading Amazon stock for illegal profits.” were making.”
She added: “This case should stand as a warning to those who try to steer the markets with insider trading: there is a hefty price to pay, along with a severe punishment and a prison sentence.”