SECURITIES AND EXCH. COMM'N v. IBRAHIM ALMAGARBY

No. 21-13755.

92 F.4th 1306 (2024)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. IBRAHIM ALMAGARBY, Microcap Equity Group, LLC, Defendants-Appellants.

United States Court of Appeals, Eleventh Circuit.

Filed: February 14, 2024.


Attorney(s) appearing for the Case

David Darren Lisitza , Dominick V. Freda , Archith Ramkumar , U.S. Securities & Exchange Commission, Office of the General Counsel, Washington, DC, Robert K. Gordon , William P. Hicks , U.S. Securities & Exchange Commission, Atlanta, GA, for Plaintiff-Appellee.

James D. Sallah , Joshua Francis Bautz , Jeffrey L. Cox , Joshua A. Katz , Sallah Astarita & Cox, LLC, Boca Raton, FL, Robert Charles Harris , Baritz & Colman, LLP, Boca Raton, FL, Mark David Hunter , Sharifa Hunter , Jenny Daphne Johnson-Sardella , Hunter Taubman Fischer & Li, LLC, Coral Gables, FL, Neil Rose , Law Office of Neil Rose, Hollywood, FL, for Defendants-Appellants.

Helgi C. Walker, Brian Alan Richman, Gibson Dunn & Crutcher, LLP, Washington, DC, Barry Goldsmith, M. Jonathan Seibald, Gibson Dunn & Crutcher, LLP, New York, NY, for Amici Curiae Small Public Company Coalition, Alternative Investment Management Association Ltd, National Association of Private Fund Managers.

Gabriel K. Gillett, Jenner & Block, LLP, Chicago, IL, for Amicus Curiae Trading and Markets Project, Inc.

William Pryor, Chief Judge, delivered the opinion of the Court with respect to Parts I, II, III-A, III-B III-C, and IV, in which Circuit Judges Rosenbaum and Abudu joined.


This appeal concerns whether Ibrahim Almagarby violated the Securities Exchange Act of 1934 by buying and selling securities as an unregistered "dealer." 15 U.S.C. § 78o(a). Almagarby was a so-called "toxic" lender:...

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