(The Epoch Times)—Eight foreign nationals suspected of running a global insider trading network that generated tens of millions of dollars in illicit profits are facing charges of securities fraud and money laundering in the United States, federal prosecutors announced Nov. 18 in Boston.
Federal authorities claim three of the suspects were leaders of the insider trading network, which operated from 2016 to 2024. Many of the illegal trades allegedly took place over an automated exchange in Massachusetts.
The leaders allegedly recruited investment bankers and other corporate insiders who had access to nonpublic information about the financial performance and merger-and-acquisition activity of publicly traded companies, according to court documents.
“These eight men are accused of engaging in a global con—trading on material, nonpublic information stolen from companies to score millions of dollars for themselves,” said Ted Docks, special agent in charge of the FBI’s Boston field office. “We believe everything these men did, including their alleged attempts to conceal their crimes, show a willful disregard for the law.”
The defendants are Samy Fadi Khouadja, 45, of France and the United Arab Emirates; Eamma Safi, 38, of the United Arab Emirates and Germany; Zhi Ge, 34, of Singapore; Christophe Dong, 41, of France and Hong Kong; Julien Liu, 35, of France and Hong Kong; Patrick Chou, 38, of France and Hong Kong; Cheuk Yue Lee, 43, of Hong Kong; and Dev Ananth Durai, 39, of Singapore.
Prosecutors say Khouadja, Safi, and Ge were the network leaders who recruited insiders and paid them for information. The three also recruited a network of traders in the United States, Europe, the Middle East, and Asia.
Prosecutors say they also leaked information to journalists and news outlets to profit on securities trades following publication of their stories.
Authorities allege that the network of traders—which included Dong, Liu, Chou, Lee, and Durai—agreed to kick back a percentage of the profits to the three leaders. Prosecutors claim the payments were made in cash transfers and third-party payments, and by using shell companies and sham loans and invoices.
Safi is in U.S. custody and Ge was provisionally arrested in Singapore on July 3, 2024. His extradition proceedings are pending. The other defendants are considered fugitives.
All eight defendants are charged with two counts of conspiracy to commit securities fraud and two counts of securities fraud, plus one count of money laundering conspiracy.
Safi and Ge—charged in April 24 and indicted by a federal grand jury in Boston in July 2024—are also charged with one count of money laundering, according to the indictment.
The charge of conspiracy to commit securities fraud allows for judges to impose a maximum sentence of 25 years in prison, five years of supervised release, and a fine of $250,000, or twice the gross gain or loss, whichever is greater.
If convicted of a securities fraud charge, defendants also face a maximum 25 years in prison and five years of supervised release, but a fine of up to $5 million.
The indictment charges each defendant with one count of money laundering conspiracy, which has a maximum sentence of up to 20 years in prison, three years of supervised release, and a fine of $500,000 or twice the value of the property involved, whichever is greater.
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