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. “Kim illegally shared the information about at least nine of these deals with Saad Shoukat, who traded on that information by himself and through others. “Saad Shoukat also tipped off others—including Arham Shoukat, Shahwaiz Shoukat, Khan, and Okonkwo—who similarly traded and profited from the material non-public information. “From the spring of 2021, Saad Shoukat and Arham Shoukat began investing in Olema stock and encouraged others to invest in it. “After purchasing substantial stock in Olema, Saad Shoukat, Arham Shoukat, and others accessed confidential information showing that OP-1250 was less effective than they had hoped.

Source: Punch December 22, 2025 00:10 UTC