The SEC announced a massive insider trading case today against Maher Kara, a former Citigroup investment banker, his brother, and six other individuals. The SEC alleges that Maher Kara repeatedly tipped his brother about upcoming merger deals in a scheme that involved numerous friends and family and resulted in more than $6 million in illicit profits. Full details (and a handy map of the trading provided by the SEC) are available in this post on my Enforcement Action blog over at Compliance Week.
The SEC identified defense counsel in the case as follows:
Defense Counsel:
For Maher Kara – Carl H. Loewenson, Jr. at Morrison & Foerster LLP
For Michael Kara – John C. Kirke at Donahue Gallagher Woods LLP
For Azar – Michael Armstrong, Esq. at Nolan, Armstrong & Barton, LLP
For Bayyouk – Matthew F. Leitman, Esq. at Miller Canfield
For Haddad – Jeffrey A. Feldman, Esq.
For Jilwan – William H. Green, Esq.
For Mardini – Edward W. Swanson at Swanson, McNamara & Haller LLP
For Salman – Thomas M. Breen, Esq. at Breen Pugh & Associates
