Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • BEST PLACES TO WORK
  • News
    • HUMANITARIAN
    • TIRE MAKERS
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • OBITUARIES
    • OPINION
    • MID YEAR REPORT
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
November 18, 2015 01:00 AM

Settlement reached in Cooper-Apollo alleged insider trader case

Miles Moore
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    WASHINGTON (Nov. 18, 2015) — Steven C. Watson, a Lynnfield, Mass., man who allegedly engaged in insider trading based on information about the abortive acquisition of Cooper Tire and Rubber Co. by Apollo Tyres Ltd., has settled with the U.S. Securities and Exchange Commission (SEC).

    The SEC filed the settlement agreement with the U.S. District Court for the District of Massachusetts Nov. 17.

    According to the document, Mr. Watson received confidential information about the Cooper-Apollo deal from Amit Kanodia, an entrepreneur and private equity investor based in Brookline, Mass. Mr. Kanodia had received the information from his wife, then Apollo's general counsel, who was intimately involved in the negotiations between Apollo and Cooper.

    Mr. Watson obtained almost $170,000 from trading in Cooper stock based on this information and, according to the court filing, paid a kickback to Mr. Kanodia through a bank account held in the name of a supposed charity that Kanodia controlled.

    The SEC seeks:

    • A permanent injunction against Mr. Watson for any acts of insider trading;
    • Surrender of all the money he obtained through insider trading, plus pre-judgment interest; and
    • Payment of all civil penalties required by SEC regulation.

    The agreement is subject to the approval of Judge Allison D. Burroughs of the Massachusetts court.

    In April 2015, the SEC brought fraud charges in Connecticut federal district court against Mr. Kanodia and venture capitalist Iftkar Ahmed in connection with insider trading in the Cooper-Apollo deal. That case is still pending.

    Related Articles
    Apollo, Cooper claims dismissed
    SEC charges 2 with insider trading in defunct Cooper-Apollo deal
    SEC charges investors in Cooper-Apollo deal
    Cooper seeks dismissal of shareholder lawsuit
    Cooper wins dismissal of shareholder suit over defunct Apollo merger
    Cooper buying into China TBR plant (updated)
    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    TravelCenters rebuffs takeover bid by ARKO Corp.
    2
    Lambo picks Bridgestone for hybrid supercar Revuelto
    3
    SRNA to raise Falken PLT, TBR prices May 1
    4
    Michelin to support major tire-recycling initiative
    5
    Jiangsu GST's plant in Cambodia starting production
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • BEST PLACES TO WORK
    • News
      • HUMANITARIAN
      • TIRE MAKERS
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • OBITUARIES
      • OPINION
      • MID YEAR REPORT
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION