OAKLAND, Calif. (AP) – A man who made millions in insider trading involving the Ross Dress for Less store chain has been sentenced to 2 ½ years in federal prison.
A judge in Oakland sentenced Saleem Khan on Friday. He pleaded guilty in January to conspiracy and securities fraud.
In the plea agreement, Khan said that from 2009 to 2012, he used inside trading information he got from a friend in the Ross Stores finance department to make money on options contracts involving the California-based discount clothing retailer.
Khan acknowledged making more than $3.5 million but the government said his gains could have amounted to as much as $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.