Lunagisthub$41 Million Stock Market Scandal Rocks US: Nigerian and Five Others Indicted
A dual US-Nigerian citizen, Izunna Okonkwo, and five other individuals of different nationalities have been indicted over an alleged $41 million stock market fraud in the United States. The suspects were charged with insider trading, conspiracy, and stock manipulation, among other offenses .
According to the US Department of Justice, Okonkwo and his co-defendants allegedly engaged in a years-long scheme to trade securities based on material non-public information. The scheme involved multiple mergers and acquisitions of publicly traded healthcare and biopharmaceutical companies .
Gyunho Justin Kim, an investment banker, allegedly shared confidential information about pending deals with Saad Shoukat, who then traded on that information and tipped off others, including Okonkwo. The group made illicit profits totaling at least $41 million .
The six defendants are:
– Izunna Okonkwo, a dual US-Nigerian citizen
– Muhammad Saad Shoukat, 33, a dual US-Pakistani citizen
– Muhammad Arham Shoukat, 35, a dual US-Pakistani citizen
– Muhammad Shahwaiz Shoukat, 36, a dual US-Pakistani citizen
– Daniyal Khan, 33, a dual UK-Pakistani citizen
– Gyunho Justin Kim, an investment banker .
If convicted, the defendants face maximum prison sentences ranging from 20 to 25 years on each count. The indictment highlights the US government’s commitment to prosecuting insider trading and maintaining transparency in financial markets .
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