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Sec. & Exch. Comm'n v. Kara

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION
Jan 26, 2012
Case No. 09-CV-1880 EMC (N.D. Cal. Jan. 26, 2012)

Opinion

Case No. 09-CV-1880 EMC

01-26-2012

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. MAHER F. KARA, MICHAEL F. KARA, BASSAM Y. SALMAN, and KARIM I. BAYYOUK, Defendants.

MARC J. FAGEL (Cal. Bar No. 154425) ROBERT TASHJIAN (Cal. Bar No. 191007) LLOYD FARNHAM (Cal. Bar No. 202231) Attorneys for Plaintiff SECURITIES AND EXCHANGE COMMISSION


MARC J. FAGEL (Cal. Bar No. 154425)

ROBERT TASHJIAN (Cal. Bar No. 191007)

LLOYD FARNHAM (Cal. Bar No. 202231)

Attorneys for Plaintiff

SECURITIES AND EXCHANGE COMMISSION

JOINT STATUS REPORT AND

UPDATED CASE MANAGEMENT

STATEMENT ; ORDER RESETTING CMC


Further Case Management Conf.:

February 3, 2012 at 10:30 a.m.

Honorable Edward M. Chen

Courtroom 5

This matter is currently set for a Further Case Management Conference on February 3, 2012, at 10:30 a.m. The parties submit this Joint Status Report and Updated Case Management Statement in advance of the Conference.

I. STATUS REPORT

Since the last Status Conference before this court, the Commission has reached a resolution with defendant Emile Jilwan, and the Court has entered a Final Judgment against Jilwan pursuant to the Consent Judgment submitted by the parties.

The related criminal action against defendant Bassam Salman, U.S. v. Bassam Yacoub Salman, Case No. CR 11-0625 EMC, has been assigned to this Court and is on the Court's calendar for a Status Conference and Trial Setting Hearing on February 8, 2012.

The other related criminal action charges defendants Maher Kara, Michael Kara (named as Mounir Kara in the indictment), and Emile Jilwan, in the case titled U.S. v. Kara, et al., Case No. CR 09-0417 EMC. Maher Kara and Michael Kara have entered guilty pleas, but have not been sentenced. Maher Kara and Michael Kara are set for a Status Conference on June 20, 2012.

In light of the guilty pleas of Maher Kara and Michael Kara, counsel for the Commission and these defendants are continuing to discuss potential resolution of the Commission's claims against them, but no agreed resolution has been reached at this time.

No trial date has been set for the civil action, and dates regarding discovery deadlines and pretrial dates have been previously vacated.

II. UPDATED CASE MANAGEMENT STATEMENT

The parties provide the following information, updating the Case Management Statement previously submitted in this matter:

There are four defendants remaining in this civil enforcement action brought by the Commission: Maher Kara, Michael Kara, Bassam Salman, and Karim Bayyouk. All these defendants have been served and have appeared in the case.

Before discovery was stayed, the parties had begun discovery, including conducting depositions. The Commission produced documents obtained during its investigation pursuant to Rule 26 initial disclosure obligations and document requests, and the defendants have made Rule 26 initial disclosures and responded to document requests served by the Commission.

The facts of the case, the legal issues, and the relief sought by the Commission have not changed since the case was filed and the parties submitted the original Case Management Statement. The parties do not anticipate any amendments to the pleadings at this time.

The case will be tried to a jury, pursuant to jury demands made by the defendants. The parties estimate a 10-day jury trial.

Given the posture of the case, with three of the defendants in the civil case also facing criminal charges arising from the same conduct, the parties do not believe it would be productive or practical to set a trial date at this time.

Respectfully submitted,

_______________

LLOYD FARNHAM

Attorney for Plaintiff

SECURITIES AND EXCHANGE COMMISSION

_______________

GEORGE C. HARRIS

Morrison & Foerster LLP

Attorneys for Defendant MAHER KARA

_______________

ISMAIL RAMSEY

Ramsey & Ehrlich LLP

Attorneys for Defendant MICHAEL F. KARA

_______________

PATRICK W. BLEGEN

Attorneys for Defendant BASSAM Y. SALMAN

_______________

MATTHEW F. LEITMAN

Miller Canfield Paddock and Stone, PLC

Attorneys for Defendant KARIM I. BAYYOUK

GENERAL ORDER 45 ATTESTATION

In accordance with General Order 45, each of the signatories to this document have concurred in its filing, and I shall maintain records to support these concurrences.

_______________

LLOYD FARNHAM

Attorney for Plaintiff

SECURITIES AND EXCHANGE COMMISSION

_______________

Judge Edward M. Chen


Summaries of

Sec. & Exch. Comm'n v. Kara

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION
Jan 26, 2012
Case No. 09-CV-1880 EMC (N.D. Cal. Jan. 26, 2012)
Case details for

Sec. & Exch. Comm'n v. Kara

Case Details

Full title:SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. MAHER F. KARA, MICHAEL…

Court:UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION

Date published: Jan 26, 2012

Citations

Case No. 09-CV-1880 EMC (N.D. Cal. Jan. 26, 2012)