US charges eight men in global insider trading scheme generating tens of millions in illicit profits

US prosecutors have charged eight foreign nationals in connection with a global insider trading network that allegedly exploited non-public financial and merger information for nearly a decade, generating tens of millions of dollars in unlawful profits.

The superseding indictment, unsealed on 18 November 2025 in the District of Massachusetts, accuses the eight men of securities fraud, conspiracy, and money laundering.

The charges arise from activities carried out between 2016 and 2024 across the United States, Europe, the Middle East, and Asia.

According to the US Department of Justice, the scheme was orchestrated by Samy Khouadja, a former Merrill Lynch banker in France; Eamma Safi, a former restaurateur; and Zhi Ge, a Singaporean national.

These three are alleged to have led a wide network of traders and insiders.

Safi is currently in US custody and has pleaded not guilty.

Ge was provisionally arrested in Singapore in July 2024 and remains subject to extradition proceedings. Khouadja and the remaining five defendants are considered fugitives.

The indictment names the other defendants as Christophe Dong of France; Julien Liu and Patrick Chou of both France and Hong Kong; Cheuk Yue Lee of Hong Kong; and Dev Ananth Durai of Singapore.

Prosecutors allege that the network paid corporate insiders to obtain material non-public information (MNPI) about companies' financials and upcoming mergers. This information was then used by the defendants and their trading associates to conduct profitable securities trades.

The group allegedly traded on confidential plans involving high-profile acquisitions, including AstraZeneca’s 2020 takeover of Alexion Pharmaceuticals for US$39 billion, LVMH’s 2019 acquisition of Tiffany & Co., and Stryker’s proposed purchase of Wright Medical.

Many of the trades reportedly took place via an automated exchange operating in Massachusetts.

According to the indictment, the leaders of the network recruited and coordinated traders who shared a portion of the profits with them. Kickbacks were disguised through methods such as fake invoices, shell companies, and cash transfers.

To evade detection, the defendants used encrypted messaging apps with disappearing messages, burner phones, coded language, and face-to-face meetings. Terms such as “greens” for money, “race” for a pending deal, and “girls” or “models” for merger targets were reportedly part of their lexicon.

Among the examples cited in court documents is a message from Durai to a co-conspirator, stating that Liu was “a purely insider trading guy” and confirming a 50% profit-sharing agreement for tip-based trades.

The network also allegedly leaked sensitive information to journalists and media outlets to manipulate public perception and maximise profits once the news was publicly disseminated.

The US Attorney for the District of Massachusetts, Leah B. Foley, said the indictment reflects the Department’s commitment to preserving the fairness of financial markets.

“Today’s charges show that we will aggressively pursue those who engage in insider trading and cheat the system,” Foley stated. “No matter how many steps you take to conceal your illegal activities... one day, you will find yourself in federal custody.”

Ted E. Docks, Special Agent in Charge of the FBI’s Boston Field Office, described the accused as having shown “a wilful disregard for the law” and reiterated the FBI’s focus on tackling financial crimes that undermine investor confidence.

Each defendant is charged with two counts of conspiracy to commit securities fraud, two counts of securities fraud, and one count of money laundering conspiracy. Safi and Ge face an additional count of money laundering.

If convicted, the securities fraud and conspiracy charges carry a maximum sentence of 25 years in prison and substantial financial penalties. The money laundering charges could result in up to 20 years’ imprisonment and fines of up to US$500,000, or twice the amount laundered.

Safi was extradited from Switzerland in February 2025, with assistance from the US Justice Department’s Office of International Affairs and Swiss authorities. The case is being prosecuted by Assistant US Attorney Ian J. Stearns of the Securities, Financial & Cyber Fraud Unit.

The defendants are presumed innocent unless proven guilty beyond a reasonable doubt.