Iftikar “Ifty”Ahmed, 1999 Harvard Business School Grad and Connecticut venture capital executive accused of insider trading and of cheating his clients out of tens of millions of dollars has fled the country, the U.S. Securities and Exchange Commission says.
Ahmed, a former general partner at Oak Investment Partners, left the United States before May 18directly violating a judge’s order in an insider trading case. He had been restricted to traveling in only three US States.
The SEC says that his “recent flight from the United States” was a reason to expand an asset freeze to include various properties owned by Ahmed. A federal judge in Connecticut granted the request on Thursday.
No one appears to know where he is currently. Ahmed, is a resident of Greenwich, Connecticut. He was arrested and criminally charged in April along with Amit Kanodia for engaging in insider trading.
Kanodia apparently tipped off Ahmed about the impending purchase of a tire company, allowing them to make more than $1 million trading in shares and call options before the deal was announced, authorities said.
Ahmed faces a maximum 20 years in prison plus a $5 million fine in the criminal case. He has donated substantial funds to the Harvard Business School in the past.
Jeffrey Newman represents whistleblowers.