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OAKLAND, Calif. (AP) – A man who has made millions of insider trades involving the Ross Dress for Less chain of stores was sentenced to two-and-a-half years in federal prison.
Saleem Khan was sentenced Friday by an Oakland judge. He pleaded guilty in January to conspiracy and securities fraud.
In the plea agreement, Mr. Khan stated that from 2009 to 2012, he had used the privileged trading information that he had obtained from a friend of Ross Stores' finance department to win money on option contracts involving the discount clothing retailer based in California.
Khan admitted to have earned more than $ 3.5 million, but the government said his earnings could have reached $ 8.2 million.
In 2016, Khan agreed to pay more than $ 15 million to settle a civil case filed by the Federal Securities and Exchange Commission.
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