International Insider Trading Ring Uncovered: Eight Charged

U.S. prosecutors have charged eight individuals with operating a global insider trading network, led by former Merrill Lynch banker Samy Khouadja, involving secretive trades from 2016 to 2024. The group obtained confidential information to exploit mergers and financial plans for huge profits across several regions.

In a significant legal action, U.S. prosecutors have announced charges against eight men implicated in a vast insider trading scheme. The network allegedly profited tens of millions of dollars by accessing confidential financial details and merger plans of numerous companies over several years.

Initiated in Boston, the legal case outlines an insider trading system led by Samy Khouadja, a former Merrill Lynch banker in France. Partners Eamma Safi, a restaurant co-owner, and Singaporean citizen Zhi Ge are also named as leaders in the operation. Currently, Safi remains in U.S. custody, while Ge awaits extradition following his provisional arrest in Singapore in 2024.

The prosecutors' allegations point to a sophisticated network that included recruiting corporate insiders and traders across multiple continents. Leaked information involving major companies like AstraZeneca, LVMH, and Stryker underscores the group's wide reach. Charges reveal code names and encrypted communications used to shield illegal activities.

(With inputs from agencies.)