An Amazon employee’s husband was sentenced to prison for insider trading- and earning a $1.4 million profit

Securities and Exchange Commission at the SEC in Washington on Thursday, March 28, 2019.

  • A former Amazon employee’s husband was sentenced after pleading guilty to insider trading.
  • Between 2016 and 2018, Viky Bohra illegally traded Amazon stock for a profit of $1.4 million.
  • Bohra used confidential financial information ahead of eleven straight earnings announcements.
  • See more stories on Insider’s business page.

The husband of a former Amazon employee was sentenced Thursday to 26 months in prison after pleading guilty in November to insider trading, the US Attorney for the Western District of Washington said.

For two and a half years, starting in 2016, Viky Bohra admitted to using confidential financial information he received from his wife, Laksha, to place illegal trades on Amazon stock for a profit of $1.4 million.

According to court records, Bohra accessed information about Amazon revenue and expenses from his wife, who at the time worked as a senior manager in Amazon’s tax department, and used that information in violation of trading blackout periods.

“Bohra’s conduct was not an isolated incident, limited to trading before one Amazon earning’s statement. Rather, Bohra engaged in illegal insider trading in advance of 11 straight earnings announcements,” prosecutors wrote to the court.

The US Securities Exchange Commission brought civil charges last September against Bohra, his wife, and his father, for which they paid more than $2.6 million to repay the illegal gains, along with interest and penalties.

“Vik Bohra deeply regrets this conduct, accepts full responsibility, and intends to promptly repay the funds,” said attorney Peter Offenbecher in a statement at the time, according to The Seattle Times.

As part of his plea agreement, Bohra’s wife will not face criminal charges.

“This case should stand as a warning to those who try to game the markets with insider trading: there is a heavy price to pay with a felony conviction and prison sentence,” US Attorney Tessa M. Gorman said in a statement.

Neither Amazon nor an attorney for Mr. Bohra immediately responded to Insider’s request for comment.

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The tide has turned against NY Gov. Andrew Cuomo as federal investigators scrutinize his handling of the COVID-19 crisis

New York Gov. Andrew Cuomo
New York Gov. Andrew Cuomo.

  • In the early days of the pandemic, New York Gov. Andrew Cuomo was hailed by many as a hero.
  • Now, the FBI and a US attorney’s office is investigating Cuomo over his handling of nursing homes.
  • New York Democrats are also working to strip Cuomo of the emergency powers he received last spring.
  • Visit the Business section of Insider for more stories.

After being hailed as a hero in the early days of the pandemic, New York Gov. Andrew Cuomo is now facing an investigation by federal prosecutors and an attempt by his fellow Democrat state lawmakers to strip him of his emergency powers.

Cuomo has faced increasing scrutiny from lawmakers  after recent reports that his administration withheld data on COVID-19 deaths in nursing homes, as well as severely under counted nursing home deaths. The fallout is connected to an executive order issued by Cuomo in March 2020, when hospitals were directed to release coronavirus-positive patients back to their nursing homes.

Now, the Federal Bureau of Investigations and the US attorney’s office in the Eastern District of New York are investigating Cuomo’s handling of nursing homes during the pandemic, the Times Union reported. The US attorney’s office investigation is part of a probe into the top members of Cuomo’s coronavirus task force.

The Justice Department did not respond to Insider’s request for comment.

“As we publicly said, DOJ (Department of Justice) has been looking into this for months,” Richard Azzopardi, a spokesman for Cuomo, told the Times Union. “We have been cooperating with them and we will continue to.”

Lawmakers in New York from Cuomo’s own party are also pushing back against the governor. Top Democrats in the New York State Senate are trying to remove Cuomo’s emergency powers that he was granted in the early days of the pandemic, The New York Times reported.

The measure, which could come to a vote next week, emerged over a report that Cuomo lashed out at a local lawmaker for criticizing his pandemic response.

Assemblyman Ron Kim, who is one of the Democrats supporting the effort to strip Cuomo’s emergency powers, said Cuomo threatened to “destroy” him if he did not “cover up” for the governor, CNN reported. Cuomo’s adviser denied Kim’s accusation.

Cuomo has been dismissive of the criticism lobbied against him. In a conference call with reporters Wednesday, the governor accused former President Donald Trump, Fox News, and the New York Post of conspiring against him, Insider reported.

He also defended his actions on nursing homes, saying his decisions were based on federal guidance, a claim that Politifact has rated “mostly false.”

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