The U.S. Securities and Exchange Commission announced on July 17, 2026, that insider trading charges were filed against Ali El Siblani, a former senior executive and director of the then-publicly traded Desktop Metal, Inc., in connection with securities trades made ahead of an impending acquisition. Charges were also filed against three of his Michigan friends—Jamal “Jimmy” Chammout, Ali Jawad, and Rabih Rakha—for engaging in unlawful trades.
According to the SEC’s complaint, which was filed in the Eastern District of Michigan, during the course of his employment El Siblani was entrusted with material nonpublic information (“MNPI”) regarding Desktop Metal’s proposed acquisition of The ExOne Company at a substantial premium to its then-current stock price. From at least June through August 2021, El Siblani allegedly breached his fiduciary duty to the company and its shareholders by tipping off Chammout, Jawad, and Rakha before the deal was made public. According to the SEC, each of El Siblani’s friends began building substantial positions in ExOne securities shortly after communicating with El Siblani and continued buying stock until the proposed acquisition was announced. Following the announcement, the friends allegedly sold their holdings and realized illicit profits of $218,036 for Chammout, $218,082 for Jawad, and $61,006 for Rakha.
The SEC charged all four defendants with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC reported that three of the defendants – El Siblani, Jawad, and Rakha – reached proposed settlements to resolve the charges, subject to the court’s approval. Without admitting the SEC’s allegations, the settling defendants agreed to be permanently enjoined from future violations of federal securities laws. El Siblani agreed to pay a civil penalty of $497,124 and be barred for four years from serving as an officer or director of a public company. In separate settlements, Jawad agreed to pay disgorgement of $218,082, prejudgment interest of $72,364, and a civil penalty of $218,082, while Rakha agreed to pay disgorgement of $61,006, prejudgment interest of $20,243, and a civil penalty of $61,006.
SEC Litigation Release | SEC Complaint