BOSTON, Mass. (WWLP) – The US Attorney’s Office for Massachusetts enforced the appearance bond of a fugitive by selling his Connecticut mansion for $7.35 million.
In a news release sent to 22News on Friday from the Department of Justice, Iftikar Ahmed of Greenwich, Connecticut, was arrested in April 2015 in connection with a million-dollar insider trading scheme. He was charged with securities fraud after being tipped off about the acquisition of Cooper Tire & Rubber Company by India-based Apollo Tyre.
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Ahmed was released from pre-trial custody after he and his wife signed a $9 million appearance bond secured by their Greenwich home. The Justice Department said that in May 2015 Ahmed violated his conditions of release by going to India and has remained at large ever since.
“There are serious consequences for evading justice,” said U.S. Attorney Foley. “An appearance bond is not simply a procedural formality; its purpose is to deter defendants from violating conditions of their release and ensure they appear in court to face their charges. Those who contemplate fleeing should know that my office will doggedly seek to find them and enforce their bond obligations.”…