Eight foreign nationals have been charged with securities fraud and money laundering in connection with an alleged global insider trading network, according to a superseding indictment unsealed in Boston. The individuals named include Samy Fadi Khouadja of France and the United Arab Emirates; Eamma Safi, also known as “TT,” “Yummy,” “Situatie Packered,” and “Roman Kna,” of the United Arab Emirates and Germany; Zhi Ge, also known as “Josh Ge,” “Josh Gez,” and “Jay Gat,” of Singapore; Christophe Dong of France; Julien Liu of France and Hong Kong; Patrick Chou of France and Hong Kong; Cheuk Yue Lee, also known as “Ryan” or “m100,” of Hong Kong; and Dev Ananth Durai, also known as “Devah,” of Singapore.
Safi is currently in U.S. custody. Ge was provisionally arrested in Singapore on July 3, 2024, pending extradition proceedings. The other defendants are considered fugitives.
According to court documents, Khouadja, Safi, and Ge allegedly led a network from 2016 to 2024 that recruited investment bankers and corporate insiders who had access to material non-public information (MNPI) about public companies’ financial performance or merger activity. These leaders allegedly obtained MNPI from insiders—sometimes by paying for it—and then traded on this information themselves or shared it with a network of traders across the United States, Europe, the Middle East, and Asia.
The indictment alleges that some members leaked MNPI to journalists or news outlets for profit after publication. Many trades were executed over an automated exchange operating in Massachusetts.
Other alleged members—Dong, Liu, Chou, Lee, and Durai—are accused of trading on MNPI in exchange for agreeing to kick back part of their illicit profits through concealed payments such as cash transfers or sham invoices using shell companies. Prosecutors say the group generated tens of millions of dollars by trading ahead of more than a dozen corporate transactions.
The charging documents state that those involved took steps to avoid detection by law enforcement through burner phones, coded language during meetings or communications via encrypted messaging apps with disappearing messages.
Specific messages cited include Durai telling another trader that Liu was “purely insider trading guy,” explaining: “the deal I made with the guy who gives me the tip [Liu] is that I give him 50% of profit…so you can buy and help me subsidize my payment to him.” In another message Liu told Durai that Khouadja provided MNPI that was “only [a] 100% thing.” Other exchanges show arrangements for sharing profits among participants using code words for stock tickers or references to upcoming deals.
“Protecting the integrity of our nation’s capital markets is a priority of my office,” said United States Attorney Leah B. Foley. “Today’s charges show that we will aggressively pursue those who engage in insider trading and cheat the system. No matter how secret you think encrypted messaging is and no matter how many steps you take to conceal your illegal activities, if you sell inside information or trade on non-public information be warned, my office will use every tool at our disposal to track you down and one day, you will find yourself in federal custody.”
“These eight men are accused of engaging in a global con – trading on material, non-public information stolen from companies to score millions of dollars for themselves,” said Ted E. Docks, Special Agent in Charge at the FBI’s Boston Field Office. “We believe everything these men did, including their alleged attempts to conceal their crimes, show a willful disregard for the law. Protecting companies from theft and maintaining a level playing field for investors is critical to the financial markets. For that reason, the FBI takes our responsibility to investigate insider trading and other complex financial crimes seriously.”
Each defendant faces up to 25 years imprisonment per conspiracy count related to securities fraud plus additional penalties if convicted under money laundering statutes—including up to $5 million fines per securities fraud charge or twice any gains realized.
U.S. Attorney Foley announced these charges alongside FBI Special Agent Docks. The investigation received assistance from agencies including the U.S Securities & Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Justice Department’s Office of International Affairs—which coordinated with Swiss authorities regarding Safi’s arrest—and Assistant U.S Attorney Ian J Stearns leads prosecution efforts.
Authorities emphasized all defendants are presumed innocent unless proven guilty beyond reasonable doubt.
