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The complaint alleges that Viky Bohra and his father, Gotham Bohra, then traded on this confidential information, reaping illicit profits of approximately $1.4 million.
The SEC’s complaint, filed in federal court in Seattle, charges all three Bohras with violating anti-fraud provisions of the federal securities laws. They have agreed to pay total disgorgement of approximately $1.4 million, total prejudgment interest of $118,406, and total penalties of about $1.1 million.
In a parallel action, the U.S. attorney’s office for the Western District of Washington on Monday filed criminal charges against Viky Bohra.
Each of the Bohras did not respond to a Reuters request for comment.
Amazon declined to comment.
United, pilots agree to deal to avoid furloughs
United Airlines and its pilots have reached an agreement that both sides say will avoid about 2,850 furloughs that were set to take effect later this week and another 1,000 early next year.
The Air Line Pilots Association said Monday that the deal will allow United to spread a reduced amount of flying across the airline’s 13,000 pilots to save jobs at least until next June.
The agreement was ratified by about 58 percent of the pilots who voted on it.
United is still poised to furlough nearly 12,000 flight attendants, mechanics and other union employees starting later this week.
GM to repay Ohio tax incentives post-closure
General Motors will repay $28 million in state tax incentives to Ohio after the largest U.S. automaker came under heavy criticism for closing its Lordstown Assembly plant in March 2019.
GM’s agreement with the Ohio Tax Credit Authority also requires the Detroit automaker to pay $12 million for “community support programs” in the Mahoning Valley.
Ohio Attorney General Dave Yost had demanded that GM repay $60 million in state tax credits after it closed its Lordstown Assembly plant in March 2019 and failed to retain 3,700 jobs in exchange for the credits.
Alphabet’s Google is updating its Android software, which powers most of the world’s smartphones, to make it easier for consumers to use other app stores. The move comes after the popular game Fortnite was pulled from Google’s and Apple’s app stores after its creator, Epic Games, acted to circumvent their payment systems. Google said in a Monday blog post that next year’s version of the operating system, Android 12, will “make it even easier for people to use other app stores on their devices,” although it didn’t elaborate. The blog post said Google will tighten requirements that purchases within apps downloaded from Google’s store must use the company’s billing system.
Amazon is holding its annual Prime Day over two days in October, after the pandemic forced it to postpone the sales event from July. It’s the first time Prime Day is being held in the fall, and Amazon is positioning it as a way to get people to start their holiday shopping. It will run from Oct. 13 to 14. (Amazon chief executive Jeff Bezos owns The Washington Post.)
The European Central Bank is ready to deploy more monetary stimulus to aid the recovery if needed as the pandemic dampens prospects for the economy, according to President Christine Lagarde. Addressing European lawmakers on Monday, Lagarde called the recovery across the euro zone uncertain and incomplete, with consumers cautious to spend and companies reluctant to invest. The Governing Council “continues to stand ready to adjust all of its instruments, as appropriate,” she said.
9 a.m.: Standard & Poor’s releases S&P/Case-Shiller index of home prices for July.
10 a.m.: The Conference Board releases the Consumer Confidence Index for September.