Indian investor jailed in insider trading case in US
NEW YORK: An Indian-origin ex-private equity investor has been jailed for 20 months for tipping off two friends about the proposed 2013 acquisition of Cooper Tire & Rubber Company by India-based Apollo Tyre, an insider trading scheme that netted over $1 million in illegal profits.
Amit Kanodia,, 49, of Brookline, was sentenced yesterday by US District Court Judge Nathaniel Gorton to 20 months in prison, two years of supervised release including 100 hours of community service, a fine of $200,000 and forfeiture of $242,500.
Credit: timesofindia.indiatimes.com