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U.S.-based Nigerian Izunna Okonkwo and five others have been charged with insider trading and market manipulation.
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U.S. authorities allege the group made at least $41 million through stolen information and fake press releases.
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The offences carry a potential cumulative prison sentence of over 100 years.
A U.S.-based Nigerian, Izunna Okonkwo, alongside five other individuals, has been charged by U.S. authorities over an alleged $41 million insider trading and market manipulation scheme.
The charges were announced in a statement issued by the U.S. Department of Justice, with Senior Counsel Philip Lamparello confirming that the defendants engaged in a years-long scheme involving the trading of securities based on material non-public information (MNPI).
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Those charged alongside Okonkwo include Muhammad Saad Shoukat (33), his brothers Muhammad Arham Shoukat (35) and Muhammad Shahwaiz Shoukat (36)—all dual U.S. and Pakistani citizens—as well as their associates Daniyal Khan (33) and Gyunho Justin Kim (32).
“As alleged, the defendants engaged in insider trading and market manipulation on a massive scale—using stolen information, falsified data, and fake press releases to mislead investors and enrich themselves,” Lamparello said.
He added that the Department of Justice remains committed to pursuing complex financial crimes that undermine market integrity and harm investors.
According to court documents, Okonkwo and his co-defendants are facing multiple charges, including conspiracy to commit securities fraud, conspiracy to commit wire fraud, conspiracy to commit insider trading, securities fraud, and insider trading, among others.
The offences collectively attract a possible cumulative prison sentence exceeding 100 years.
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The Department of Justice stated that Okonkwo, Saad Shoukat and other co-conspirators allegedly received illicit profits of at least $41 million from the insider trading scheme.
Investigators revealed that the case involves three overlapping fraud schemes carried out between June 2020 and February 2024.
These include a large-scale insider trading operation, the manipulation of a biopharmaceutical company developing a breast cancer treatment (the Olema Manipulation Scheme), and another scheme targeting a biopharmaceutical firm focused on opioid overdose prevention (the Opiant Manipulation Scheme).
U.S. authorities said the schemes relied on stolen corporate information, market manipulation tactics and the dissemination of false information to deceive investors.
