{"id":46627,"date":"2017-01-20T08:45:49","date_gmt":"2017-01-20T03:15:49","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=46627"},"modified":"2017-01-20T08:45:49","modified_gmt":"2017-01-20T03:15:49","slug":"brookline-man-gets-20-months-jail-insider-trading","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/brookline-man-gets-20-months-jail-insider-trading","title":{"rendered":"Brookline man gets 20 months in jail for insider trading"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/amit-kanodia.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"206\" data-attachment-id=\"46629\" data-permalink=\"https:\/\/www.legalindia.com\/news\/brookline-man-gets-20-months-jail-insider-trading\/amit-kanodia\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/amit-kanodia.jpg?fit=370%2C254&amp;ssl=1\" data-orig-size=\"370,254\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"amit-kanodia\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/amit-kanodia.jpg?fit=370%2C254&amp;ssl=1\" class=\"alignright size-medium wp-image-46629\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/amit-kanodia.jpg?resize=300%2C206&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/amit-kanodia.jpg?resize=300%2C206&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/amit-kanodia.jpg?resize=146%2C100&amp;ssl=1 146w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/amit-kanodia.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>A Brookline man will spend 20 months in prison for giving friends illegal insider trading tips that netted them $1 million in illegal profits, federal prosecutors said.<\/p>\n<p>Amit Kanodia, 49, of Brookline, was also given two years supervised release, 100 hours of community service, a fine of $200,000 and forfeiture of $242,500, which represented his share of the illegal trading profits.<br \/>\nIn October 2016, Kanodia was convicted of one count of conspiracy and 10 counts of securities fraud.<\/p>\n<p>\u201cIn the spring of 2013, Kanodia tipped off his two friends, Iftikar Ahmed and Steven Watson, about the contemplated acquisition of Cooper Tire &amp; Rubber Company,\u201d prosecutors said. \u201cOn the day of the announcement, Cooper Tire\u2019s share price increased 41 percent, and Ahmed and Watson began selling their interests in the company for a combined profit of more than $1 million.\u201d<\/p>\n<p>Ahmed and Watson paid Kanodia a portion of their illegal profits, prosecutors said. In November 2016, Watson was sentenced to two years probation, fined $25,000, and ordered to forfeit almost $170,000 in illegal trading profits. Ahmed is a fugitive, prosecutors said.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Brookline man will spend 20 months in prison for giving friends illegal insider trading tips that netted them $1 million in illegal profits, federal prosecutors said. Amit Kanodia, 49, of Brookline, was also given two years supervised release, 100 hours of community service, a fine of $200,000 and forfeiture of $242,500, which represented his [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[86,1],"tags":[38534,38536,31987,38537,38535],"class_list":["post-46627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-law-news","category-top-law-news","tag-20-months-in-jail-for-insider-trading","tag-amit-kanodia","tag-featured","tag-illegal-profits","tag-insider-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brookline man gets 20 months in jail for insider trading - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"A Brookline man will spend 20 months in prison for giving friends illegal insider trading tips that netted them $1 million in illegal profits, federal - Get the latest legal news from the Supreme Court, High Courts, and government. 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