SEC v. Jamal (“Jimmy”) Chammout and others (insider trading, 2026)

Alleged — pending

These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

✓ Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In July 2026 the Securities and Exchange Commission charged Desktop Metal director Ali El Siblani and three friends, Jamal Chammout, Ali Jawad and Rabih Rakha, with trading ahead of the August 11, 2021 announcement of Desktop Metal's acquisition of ExOne, alleging profits of $218,036, $218,082 and $61,006 for the three tippees. El Siblani, Jawad and Rakha agreed to settle, subject to court approval; Chammout's case is not reported as resolved. The settlements total $279,088 in disgorgement, $92,607 in interest and $776,212 in penalties, including El Siblani's $497,124.

The record

What was ordered

Civil penalty

$776k

Disgorgement

$279k

Prejudgment interest

$92.6k

Total relief

$1.1m

Alleged gain

$497k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on July 17, 2026 as release LR-26589, filing in the Eastern District of Michigan.

El Siblani would also be barred from serving as an officer or director for four years. Jawad's amounts are $218,082, $72,364 and a $218,082 penalty; Rakha's are $61,006, $20,243 and $61,006. The recorded figures add the settling respondents' stated amounts.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Checked on 2026-10-04: no outcome found on SEC pages. The SEC litigation-release index, which runs through LR-26664, has no later release naming these defendants. The release states that El Siblani, Jawad and Rakha agreed to final judgments subject to court approval; no later SEC page showing entry was found, and nothing was found for Chammout.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2026-07-17 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.