Prosecutors Charge Fugitive Banker In Worldwide Insider Trading Network

Benzinga

Prosecutors charged a former Merrill Lynch banker with helping run a global insider-trading ring from his Paris restaurant, leaking confidential deal and earnings information from 2016 to 2024. Authorities say the group used burner phones, shell companies, and coded messages to generate tens of millions of dollars.

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00:00It's Benzinga bringing Wall Street to Main Street

00:02A former Merrill Lynch banker was charged with co-leading a global insider trading ring that

00:07operated from his Paris restaurant and generated tens of millions of dollars from confidential

00:11deal information, according to Bloomberg. Federal prosecutors in Boston unsealed an

00:16indictment naming Sameifadi Khawaja and seven others. The indictment alleges that the group

00:21recruited bankers and corporate insiders to leak financial results and merger activity

00:26between 2016 and 2024. Prosecutors said members used burner phones, encrypted apps, coded

00:33language, shell companies, and fake invoices to hide the scheme and even fed tips to journalists

00:39to profit after publication. Khawaja is considered a fugitive. For all things money, visit Benzinga.com.

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