Securities and Exchange Commission v. Kara et al

Filing 119

STIPULATION AND ORDER Case Management Statement due by 11/27/2013. Further Case Management Conference set for 12/5/2013 10:30 AM in Courtroom 5, 17th Floor, San Francisco.. Signed by Judge Edward M. Chen on 10/3/13. (bpf, COURT STAFF) (Filed on 10/3/2013)

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MICHAEL S. DICKE (Cal. Bar No. 158187)
ROBERT L. TASHJIAN (Cal. Bar No. 191007)
[e-mail]
LLOYD FARNHAM (Cal. Bar No. 202231)
[e-mail]
Attorneys for Plaintiff
SECURITIES AND EXCHANGE COMMISSION
44 Montgomery Street, 28th Floor
San Francisco, California 94104
Telephone: [phone]
Facsimile: [phone]

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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SAN FRANCISCO DIVISION

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Case No. 09-CV-1880 EMC

SECURITIES AND EXCHANGE
COMMISSION,

JOINT STATUS REPORT AND
STIPULATED REQUEST TO
CONTINUE FURTHER CASE
MANAGEMENT CONFERENCE

Plaintiff,
v.
MAHER F. KARA, MICHAEL F. KARA,
BASSAM Y. SALMAN, and
KARIM I. BAYYOUK,

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[PROPOSED] ORDER
Further Case Management Conf.:
October 8, 2013 at 3:00 p.m.
Honorable Edward M. Chen
Courtroom 5, 17th Floor

Defendants.

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This matter is currently set for a Further Case Management Conference on October 8,

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2013. The parties submit this Joint Status Report, and a Stipulated Request to Continue the

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Conference to permit the parties to confer regarding the proceedings in the case in light of the

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pending criminal cases and the recently concluded trials in the related criminal matters.

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I.

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The parties submit the following status report and updated case management statement:

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There are four remaining defendants in this insider trading action brought by the

STATUS REPORT

SEC v. Kara, et al.
Case No. 09-CV-1880 EMC

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JOINT STATUS REPORT
AND STIPULATION TO CONTINUE CMC

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Securities and Exchange Commission (“Commission”), (1) Maher Kara, (2) Michael Kara,

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(3) Bassam Salman, and (4) Karim Bayyouk. Each of the defendants in the Commission action

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is also a defendant in related criminal matters. Maher Kara and Michael Kara have pled guilty

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but have not been sentenced (U.S. v. Kara, et al., Case No. 09-CR-0417 EMC). The Court has

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set a status conference regarding these criminal charges for November 6, 2013.

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On September 30, 2013, a jury returned a guilty verdict regarding the charges against

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Bassam Salman, U.S. v. Bassam Yacoub Salman, Case No. 11- CR-0625 EMC. The Court

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scheduled a sentencing hearing regarding Mr. Salman for January 15, 2014.

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On September 3, 2013, a jury returned a guilty verdict regarding the charge against

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Karim Bayyouk, U.S. v. Karim Iskander Bayyouk, Case No. 12-CR-0420 EMC. The Court

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scheduled a sentencing hearing regarding Mr. Bayyouk for January 15, 2014.

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No trial date has been set for the Commission’s civil action, and dates regarding

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discovery deadlines and pretrial dates have been vacated by prior orders. The Court held a case

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management conference in this case on October 26, 2012, and directed the Commission matter

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stayed until the criminal matters are resolved. (Docket No. 113) The Court set a further case

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management for April 25, 2013, which was then continued to October 8, 2013 after the criminal

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trials involving Bassam Salman and Karim Bayyouk were continued to August and September.

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II.

STIPULATED REQUEST TO CONTINUE

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Based on recently concluded trials in two related criminal matters, and the Court’s

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direction that the civil action should be stayed until the criminal matters are resolved, the parties

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in this action respectfully request that the further case management conference be continued for

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approximately 45 days to permit the parties to discuss a plan to proceed with the case and to

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explore resolution of the Commission’s civil claims. The parties suggest a further case

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management conference be set for November 19, 2013.

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Dated: October 2, 2013

Respectfully submitted,
/s/ Lloyd Farnham
LLOYD FARNHAM
Attorney for Plaintiff
SECURITIES AND EXCHANGE COMMISSION

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SEC v. Kara, et al.
Case No. 09-CV-1880 EMC

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JOINT STATUS REPORT
AND STIPULATION TO CONTINUE CMC

/s/ George C. Harris
GEORGE C. HARRIS
Morrison & Foerster LLP
Attorneys for Defendant MAHER KARA

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/s/ Ismail Ramsey
ISMAIL RAMSEY
MILES EHRLICH
Ramsey & Ehrlich LLP
Attorneys for Defendant MICHAEL F. KARA

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/s/ Patrick W. Blegen
GAIL R. SHIFMAN
THOMAS M. BREEN
PATRICK W. BLEGEN
Attorneys for Defendant BASSAM Y. SALMAN

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/s/ Brian H. Getz
BRIAN H. GETZ
Attorneys for Defendant KARIM I. BAYYOUK

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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.

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/s/ Lloyd Farnham
LLOYD FARNHAM

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[PROPOSED] ORDER

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For the reasons stated above, and for good cause shown, the Court hereby continues the

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12/5/13 at 10:30 a.m
Further Case Management Conference in this case to _______________________________.

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The parties must file an updated Case Management Conference statement on or before
11/27/13
___________________.

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10/3/13

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SEC v. Kara, et al.
Case No. 09-CV-1880 EMC

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District Judge Edward M. Chen

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TIPULATION TO CONTINUE CMC

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