CEO guilty of paying kickbacks in stock scheme

BOSTON — The head of two publicly-traded companies has pleaded guilty to charges he paid kickbacks in return for the purchase of his firms' stock.

The U.S. attorney's office says 48-year-old Shailesh Shah of Chino, California, pleaded guilty Friday in federal court in Boston to two counts of mail fraud and two counts of wire fraud. The judge set sentencing for October.

Prosecutors say Shah agreed to pay kickbacks to a purported investment fund representative in return for having that fund buy stock in his companies, SOHM, Inc. and Costas, Inc. The individual Shah believed worked for the fund was actually an undercover FBI agent.

Shah concealed the kickbacks through what prosecutors called sham consulting agreements and other fraudulent documents.

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