Brookline man convicted in 2013 insider trading scheme

Markets Associated Press

A Brookline man has been found guilty of conspiracy and securities fraud charges in an insider trading scheme that prosecutors say netted more than $1 million.

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U.S. Attorney Carmen Ortiz said Tuesday that 47-year-old Amit Kanodia was convicted Monday of 10 counts of securities fraud and one count of conspiracy. He'll be sentenced Jan. 18.

Federal prosecutors say Kanodia tipped off Iftikar Ahmed and Steven Watson in 2013 about the possible acquisition of Cooper Tire and Rubber Co. by India-based Apollo Tyre.

Prosecutors say Ahmed and Watson bought Cooper Tire shares before the public announcement of the acquisition, then sold their interests for more than $1 million as Cooper Tire's share prices increased after the announcement.

Watson pleaded guilty to conspiracy to commit securities fraud. Ahmed remains a fugitive.