Ex-Citigroup Banker Sued by SEC for Insider Trading
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Former Citigroup Inc. investment banker Maher Kara was sued for insider trading by U.S. regulators who claim he fed tips on health-care industry deals to people who reaped more than $6 million in illegal profits.
Kara, 37, once a director in Citigroup Global Markets’ health-care group in New York, told his brother Michael Kara about transactions, including takeovers of Andrx Corp. in 2006 and Biosite Inc. in 2007, the Securities and Exchange Commission said in a lawsuit at federal court in San Francisco today. Michael Kara, 48, used nonpublic information to bet on more than 20 firms involved in dealings with his brother’s group and spread the tips to friends and family members, the agency said.