BUSINESS BRIEFING / COURTS
Times Wire Reports
Three San Francisco Bay area men have been charged with making $5.3 million from illegal insider stock trades.
A federal grand jury charged Maher Fayez Kara, 37; Mounir Fayez Kara, 48; and Emile Youssef Jilwan, 54, with a combined 38 counts of conspiracy, fraud and other charges.
The indictment says Maher Kara used his position as an investment banker at a Citigroup Inc. subsidiary to give the other men information on acquisitions and financing involving several biotechnology companies before the news was public.
They are accused of selling the stocks for a profit after the share prices increased following the public disclosures.