An Amazon finance manager and two of her family members have been charged with insider trading after they allegedly netted $1.4 million fr...
An Amazon finance manager and two of her family members have been charged with insider trading after they allegedly netted $1.4 million from unlawful trading over a two-year period.
Laksha Bohra, a senior manager in Amazon's tax department in Seattle, was charged with insider trading by the Securities and Exchange Commission on Monday.
Bohra's husband Viky Bohra and her father-in-law Gotham Bohra were also charged.
The SEC alleges that Bohra prepared and reviewed calculations that were used to finalize numbers included in Amazon's quarterly and annual earnings that were filed with the commission.
Laksha Bohra, a senior manager in Amazon's tax department in Seattle (above), was charged with insider trading by the Securities and Exchange Commission on Monday
Bohra is accused of acquiring highly confidential information about Amazon's financial performance and then sharing those details with her husband in advance of the company's earnings announcements between January 2016 and July 2018.
Viky Bohra and his father Gotham Bohra then allegedly traded on this confidential information, the complaint says.
They are accused of trading on the confidential information in 11 separate accounts maintained by different members of the Bohra family.
Bohra allegedly disregarded quarterly reminders from Amazon that prohibited her from passing on confidential information or recommending the purchase or sale of Amazon securities.
Authorities say the family reaped about $1.4 million from their unlawful trading in Amazon securities.
Bohra is accused of acquiring highly confidential information about Amazon's financial performance ahead of the company's earnings announcements. Her husband and father-in-law then allegedly traded on that 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.
'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 federal court in Seattle on Monday, charges all three Bohras with violating antifraud provisions of the federal securities laws.
They have agreed to pay total disgorgement of $1,428,094, total prejudgment interest of $118,406, and total penalties of $1,106,399.
It is not clear when Bohra stopped working for Amazon or what the circumstances surrounding her departure are.
Amazon would not comment on the SEC complaint.
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