US Charges Nigerian Citizen, Five Others in $41M Insider Trading and Stock Manipulation Case
Story: written by Joseph December 21,2025
US federal prosecutors have indicted Izunna Okonkwo, a dual US-Nigerian citizen, along with five other individuals in connection with an alleged $41 million insider trading and stock manipulation scheme that authorities say took place over nearly four years.
According to a statement released Sunday by the US Department of Justice (DoJ), a federal grand jury charged the defendants on Friday for trading securities based on material non-public information between June 2020 and February 2024.
Okonkwo was charged alongside Muhammad Saad Shoukat (33) and his brothers, Muhammad Arham Shoukat (35) and Muhammad Shahwaiz Shoukat (36), all dual US-Pakistani citizens, as well as Daniyal Khan (33), a dual UK-Pakistani citizen.
Prosecutors said the scheme involved confidential information obtained from the US investment banking sector. Court filings identify Sung Woo “Will” Kim, an investment banker working in healthcare and biopharmaceutical mergers and acquisitions, as the original source. Kim allegedly accessed advance details of at least nine pending transactions involving publicly traded companies and shared the information with Saad Shoukat, who traded on it personally and through associates.
Saad Shoukat reportedly passed the tips to other individuals, including Okonkwo, who also profited from the trades. The DoJ estimates the defendants collectively earned at least $41 million from the insider trading activity.
Beyond trading on insider information, some defendants allegedly manipulated stock prices to maximize profits and avoid losses. One notable case involved Olema Pharmaceuticals, a publicly listed company developing a breast cancer drug, OP-1250. Prosecutors claim Saad Shoukat, Arham Shoukat, and others purchased large volumes of Olema shares and misrepresented trial data, temporarily inflating the stock price and enabling them to sell at a profit.
Similar tactics were reportedly used with Opiant Pharmaceuticals, a company focused on opioid overdose treatments.
The defendants face multiple charges, including securities fraud, conspiracy, insider trading, and market manipulation, with potential sentences ranging from 20 to 25 years per count if convicted.
This case is the latest in a series of US prosecutions involving Nigerian nationals or dual citizens. Earlier this month, US authorities ordered the deportation of Oluwaseun Adekoya after he serves a 20-year prison sentence for his role in a $2 million bank fraud scheme.
