SEATTLE (AP) - A Washington state man has pleaded guilty to using inside information from a relative who previously worked for Amazon to make profitable stock market trades.
Viky Bohra, 36, pleaded guilty to securities fraud in U.S. District Court on Thursday and is scheduled to be sentenced on Feb. 8, 2021, said U.S. Attorney Brian Moran.
Bohra of Bothell admitted that between 2015 and 2018 he used Amazon inside information he obtained from his relative to place trades in Amazon stock, making a profit of $1.4 million, Moran said.
Bohra’s relative had worked in the Amazon Finance Department and had access to confidential information about Amazon revenue and expenses, Moran said.
As part of the plea agreement, Bohra agreed to forfeit the proceeds of his trades and the relative will not face criminal charges. That person no longer works at Amazon, Moran said.
Securities Fraud is punishable by up to 25 years in prison and a $250,000 fine.