(Image source from: Indian-American held for paying kickbacks in stock scheme})

An Indian-American CEO of two publicly-traded companies has been found guilty of paying kickbacks in stock scheme.

The 48-year-old Shailesh Shah of California pleaded guilty before a US district judge on two counts of mail fraud and two counts of wire fraud on Monday. He could face up to 20 years of imprisonment and $250,000 fine when the sentence comes this October.

Shah was the president and CEO of SOHM and Costas, both California based companies. He has been booked for paying kickbacks to an investment fund representative in exchange for buying stock in the two companies.

AW: Suchorita Choudhury