FBI Identifies Nigerian Tech Entrepreneur Izunna Okonkwo in $41 Million Insider Trading Investigation

Insider Trading Scheme: The FBI has linked Nigerian entrepreneur Izunna Okonkwo to a $41 million insider trading and money-laundering scheme involving confidential information about U.S. company acquisitions.

Collaboration with Citibank Banker: Okonkwo allegedly received insider information from Citibank investment banker Gyunho Justin Kim, facilitated through mutual acquaintance Saad Shoukat, to profit from stock trades before public announcements.

Profits from Major Deals: The scheme reportedly generated significant profits from various acquisitions, including over $2.3 million during the Immunomedics acquisition and a $3.5 million gain in 2022.

Cross-Border Investigation: The FBI's investigation revealed a network of trades linked to both Okonkwo and Shoukat, with evidence of brokerage accounts accessed shortly after Kim joined deal teams, indicating a coordinated effort to exploit insider information.