Last week, the Securities and Exchange Commission charged an ex-finance manager of e-commerce behemoth, Amazon, for insider trading. On September 28, the officer, with two family members, received allegations claiming they accumulated $1.4 million from illegal trading.
Alleged Illegal Trading
The allegations named Laksha Bohra, a former senior manager of Amazon’s Tax Department. The SEC accused her of illegally trading confidential information of the company. Bohra allegedly sent sensitive data through her husband, Viky Bohra, and her in-law, Gotham Borha. They reportedly passed on the confidential info to earn money, which lasted for a couple of years during Laksha Bohra’s tenure at the department. SEC said Laksha’s family earned about $1.4 million for illegal trading.
A former finance manager for Amazon and two of her family members were charged on Monday with insider trading by the Securities and Exchange Commission, which accused the family of making $1.4 million from unlawful trading https://t.co/wOYdVHv4Uc
— CNN Business (@CNNBusiness) September 29, 2020
SEC Charges
Now, the SEC comes after the family with unlawful trading charges. According to the filing, Laksha Bohra’s husband and his father gave away sensitive data on eleven separate accounts run by the family members, CNN Business reports. Moreover, the trading occurred prior to the earnings call of Amazon between January 2016 and July 2018.
“We allege that the Bohras repeatedly and systematically used Amazon’s confidential information for their own gain,” Erin Schneider stated. Schneider serves as the director of the SEC in the San Francisco Regional Office.
‘Not for Personal Gain’
Furthermore, SEC also alleged that Laksha Bohra “disregarded quarterly reminders prohibiting her from passing nonpublic information or recommending the purchase or sale of Amazon securities.”
Moreover, Schneider added, “Employees with access to confidential, potentially market-moving corporate information may not use that information to enrich themselves, their friends, or their families.”
Both Amazon and Bohra’s camp have not commented on the issue so far. The tech giant did not know about the trading, according to a Tech Times report.
