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.
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.
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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.