Ex-Citi Banker Sparked Family's Insider Trading, Jury Told

Law360, San Francisco (August 27, 2013, 6:37 PM EDT) -- Ex-Citigroup Global Markets Inc. banker Maher Kara revealed confidential buyout information to his brother, who tipped off other family members and reaped $1.5 million on the stock market, Kara testified Tuesday in the trial of his relative Karim Bayyouk for obstructing a Securities and Exchange Commission investigation into the scheme.

Bayyouk faces up to five years in jail for the alleged obstruction, which took place as the SEC questioned extended family and friends about purported insider trading of stock in Biosite Inc. in March of 2007,...
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