A Nigerian is among five suspects charged by the United States Federal Bureau of Investigation, FBI, over “insider trading and market manipulation on a massive scale” put at $41 million.

The suspects are Izunna Okonkwo, a Nigerian; Muhammad Saad Shoukat, Muhammad Arham Shoukat, Muhammad Shahwaiz Shoukat, and Daniyal Khan, all Pakistanis.

Another suspect, Gyunho Justin Kim, is being tried over another complaint.

According to the FBI, “Saad Shoukat … tipped off … Arham Shoukat, Shahwaiz Shoukat, Khan, and Okonkwo — who traded and profited from the MNPI (material non-public information).

“Overall, Saad Shoukat and his co-conspirators received illicit profits from the Insider Trading Scheme totaling at least $41 million.”

Shoukat got the MNPI from Kim who “worked at an investment bank that was involved in multiple mergers and acquisitions of publicly traded healthcare and biopharmaceutical companies.

“Kim obtained MNPI about many of these pending deals, either by working on deals directly or from others who did.”

He then shared MNPI on about nine of the deals with Saad Shoukat, who “traded on that information by himself and through others.”

The FBI said the suspects were charged to court in a case that stemmed from “three overlapping securities fraud schemes that occurred at various points from June 2020 through February 2024”.

“The FBI takes allegations of insider trading with the utmost seriousness,” said FBI Newark Special Agent in Charge, Stefanie Roddy.

“Shoukat and his co-conspirators benefitted greatly from their years-long scheme, and cheated the system to reap their rewards. As complex as a financial fraud scheme is, the FBI will endeavor to stay one step ahead of these alleged criminals.”