OAKLAND (CBS SF) – A 54-year-old Dublin man has pleaded guilty to 10 felony charges involving insider trading using proprietary information from Pleasanton-based Ross Stores Inc. to pull in about $3.5 million during 2011 and 2012, the U.S.  Department of Justice said.

Saleem Khan pleaded guilty Thursday in U.S. District Court in Oakland to nine counts of securities fraud and one count of conspiracy to commit securities fraud.

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The charges stemmed from a scheme in which investigators said Khan received sales and financial information from a friend who at the time worked in Ross’s finance department. Officials said Khan used the confidential information to illegally buy and sell securities on the NASDAQ stock exchange ahead of Ross’s public announcements of sales performance figures.

Khan also admitted he paid $130,000 to the Ross Stores “tipper” through third parties, and that he also bought items for that person.

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Prosecutors said Khan received the information starting in July 2009 and ending in October 2012. At least nine such transactions using that information were recorded, the first in October 2011 and the last in August 2012, according to the Department of Justice.

Khan faces a maximum of 25 years in prison and a $250,000 fine for each of the 10 counts. He is scheduled to return to the Oakland court on June 24.

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