U.S. authorities have filed criminal and civil insider trading charges against two friends, including a Connecticut venture capital executive, accused of profiting illegally from India-based Apollo Tyres Ltd's attempt to purchase Cooper Tire & Rubber Co in 2013.Iftikar Ahmed, a general partner of Oak Investment Partners in Greenwich, Connecticut, and his longtime friend Amit Kanodia were each charged on Thursday with one criminal count of securities fraud. The U.S. Securities and Exchange Commission filed related civil charges.Authorities allege Kanodia, of Brookline, Massachusetts, learned details about the proposed merger between Apollo and Cooper Tire from his wife, who was Apollo's general counsel at the time, more than two months before the merger was announced.Kanodia began tipping Ahmed and another friend, who together made more than $1.1 million of illegal profit by trading Cooper Tire shares and call options, according to court papers.
Cooper Tire & Rubber Company (Cooper) is a manufacturer and marketer of replacement tires. Shares of CTB traded higher by 0.09% or $0.04/share to $43.16. In the past year, the shares have traded as low as $23.40 and as high as $43.36. On average, 917748 shares of CTB exchange hands on a given day and today's volume is recorded at 396827.
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