HomeinetAn Amazon executive used corporate information for her personal transactions

An Amazon executive used corporate information for her personal transactions

On Monday, the SEC (U.S. Securities and Exchange Commission) said that from at least January 2016 to July 2018, Laksha Bohra traded confidential information that she had access to as a member of Amazon's tax office.

The senior manager participated in the preparation and control of the financial statements included in the quarterly earnings of Amazon. Bohra allegedly used this knowledge to make "illegal profits", according to the SEC.

The 36-year-old Bohra not only played this game alone, but also reportedly advised members of her family, including her father-in-law and husband.

"Bohra ignored quarterly reminders prohibiting it from transmitting important non-public information or proposing market or the sale of Amazon securities / shares, ”the SEC said.

If a person has access to confidential financial information, they may be able to buy or sell stocks and securities based on predictions of what will happen to a company's stock prices. For example, the earnings may cause stock prices to rise, while disclosure of losses may cause stock prices to fall.

In all, over the past two years, the former director and her family have earned about $ 1,4 million. According information, Bohra's father-in-law told one of the brokerage firms that the accounts were treated as a "family affair".

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"Amazon considered pre-release financial information to be confidential, highly sensitive, substantial and should not be disclosed," the agency said in a statement, adding that Amazon had previously taken a "zero tolerance" approach to the confidential trade. information.

Amazon suspended Bohra in October 2018, resulting in the resignation of Bohra. However, the reason they expelled her was not was revealed in the complaint.

The complaint imposes charges against all three of its members family for violating federal securities laws.

According to the SEC, all three agreed to repay $ 1.428.094, interest $ 118.406 and additional sanctions of $ 1.106.399.

"Employees with access to confidential, potentially moving corporate information should not use this information to make money on a personal level," said Erin Schneider, director of its regional office. SEC of San Francisco.

Teo Ehchttps://www.secnews.gr
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