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Two Indian Americans Charged With $1.1 Mn Fraud
WASHINGTON: Two Indian American long-time friends have been charged with making over $1.1 million in illegal profits from insider trading on news of a proposed acquisition of Cooper Tire and Rubber Company by India-based Apollo Tyres Ltd.
In a complaint filed in a US district court in Connecticut on Thursday, US market regulator charged Massachusetts private equity investor Amit Kanodia, and Iftikar Ahmed, a general partner at a venture capital firm in Connecticut, with fraud.
The Securities and Exchange Commission named Rakitfi Holdings LLC, a company owned by Ahmed, and Lincoln Charitable Foundation, a supposed charity operated by Kanodia, as relief defendants, according to an SEC release.
The SEC is seeking to have the duo return their allegedly ill-gotten gains with interest and pay civil monetary penalties.
The US Attorney's Office for the District of Massachusetts announced parallel criminal charges against Kanodia and Ahmed.
The SEC alleges that by April 2013, India-based Apollo Tyres was engaged in serious negotiations to acquire Cooper Tire, of Findlay, Ohio.
Although the acquisition was never completed, the complaint alleges that Cooper Tire's stock price jumped 41 percent when the acquisition was announced in June 2013.
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Source: IANS
