Ex-Citigroup Banker Cops To $6M Securities Fraud

Law360, New York (July 7, 2011, 7:45 PM EDT) -- A former Citigroup Global Markets Inc. investment banker reached a plea deal Wednesday in a California securities fraud case claiming he tipped off his brother about the company’s confidential merger deals, generating $6 million in profits.

Maher Kara, who served as a director of health care securities in Citigroup's investment banking division, pled guilty to charges he shared information about Citigroup's buyouts and mergers with his brother, who allegedly made about $1.5 million from the scheme.

Kara, who had previously pled not guilty, admitted Wednesday to...
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