Crime
Nigerian, five others indicted in $41m US stock market fraud
A dual US-Nigerian citizen, Izunna Okonkwo, has been indicted alongside five other individuals of different nationalities over an alleged $41m stock market fraud in the United States.
A statement obtained on the United States Department of Justice website on Sunday that Okonkwo and the other defendants allegedly engaged in insider trading between June 2020 and February 2024.
The statement added that the six suspects were charged on Friday for their participation in a years-long scheme to trade securities based on material non-public information.
The statement identified the other defendants as Muhammad Saad Shoukat, 33; his brothers, Muhammad Arham Shoukat, 35, and Muhammad Shahwaiz Shoukat, 36 — all dual US-Pakistani citizens — and his friend, Daniyal Khan, 33, a dual UK-Pakistani citizen.