SEC Charges Two With Insider Trading On Proposed Cooper Tires Deal

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The Securities and Exchange Commission has charged two people over alleged insider trading for the proposed Cooper Tires and Rubber takeover by Apollo Tyres . The SEC alleges that Amit Kanodia tipped off Iftikar Ahmed and another friend after his wife, then the general counsel at Apollo. Ahmed allegedly repeated more than $1.1 million through stock and option purchases of Cooper. Ahmed later paid Kanodia a kickback by transferring $220,000 to supposed charity that Kanodia controlled, the SEC added. An unnamed friend of Kanodia also paid a portion of his illicit gains to Kanodia, the SEC added.

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