Laksha Bohra charged with insider trading in Amazon stock
VIK BOHRA AND GOTHAM BOHRA ALLEGEDLY MADE $1.4 MILLION ON AMAZON STOCK, USING INSIDE INFORMATION FROM LAKSHA BOHRA
This article is being re-published since Global Indian Times has also begun posting on Substack.
First publihsed September 28, 2020
Laksha Bohra, a former finance manager at Amazon, was charged today with passing on information, in advance of the company’s earnings news, to her husband Viky Bohra and father-in-law Gotham Bohra. The husband and father-in-law traded on the information, making $1.4 million in profits, according to the U.S. Securities & Exchange Commission (SEC.)
From January 2016 to July 2018, while working in Amazon’s tax department, Laksha Bohra, allegedly passed on confidential information about Amazon's financial performance to Viky and Gotham Bohra. The husband and father-in-law then used the information to trade the company’s stock and options in 11 separate accounts maintained by different members of the Bohra family, the SEC says.
Laksha Bohra,36, disregarded quarterly reminders prohibiting her from passing confidential information or recommending the purchase or sale of Amazon securities. She continued passing on information even after a former colleague was sentenced to six months in jail for insider trading, The Seattle Times reported.
In 2018, Laksha Bohra was reportedly terminated from her job at Amazon for unspecified reasons. She is a resident of Bothell, Washington state.
Viky Bohra regrets his conduct and “accepts full responsibility, and intends to promptly repay the funds,” said his attorney Peter Offenbecher in a statement, according to The Seattle Times. An attorney for Laksha Bohra reportedly declined to comment on the charges.
All three Bohras have agreed to pay back the $1.4 million in gains and an additional $1.2 million in penalties and interest.
Viky Bohra also faces criminal charges, filed by U.S. prosecutors today, separate from the SEC’s civil action. The U.S. attorney’s office did not comment on why no other Bohra family members were criminally charged, the HeraldNet reported.
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