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4 charged in $12 million insider trading scheme

DUBLIN, Calif. (AP) -- Federal authorities have charged four Northern California residents in an insider trading scheme that they claim resulted in collective profits of more than $12 million.

The Securities and Exchange Commission said in a statement Friday that Saleem Khan was regularly tipped off by his friend Roshanlal Chaganlal with confidential sales figures from Ross Stores.

Khan then shared the illegal information with work colleagues Ammar Akbari and Ranjan Mendonsa so they could trade in Ross stock options.

The SEC says the insider trading involving Ross continued from 2009 until 2012, when Chaganlal was fired from his job there.

Defense lawyers for Khan, Chaganlal and Mendonsa didn't immediately return messages seeking comment.

Akbari's lawyer says his client is innocent and pointed to the relatively small amount of money _ $2,000 _ that he is alleged to have made in the scheme.

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