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US prosecutors have accused six people of participating in highly lucrative insider trading following similar charges in both the UK and France.
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Among the six said to be involved: A London investment banking couple who called each other “Pops” and “Popsy”, a Greek owner of a chain of Manhattan restaurants, a Goldman Sachs vice-president and the son of a pharmaceuticals company board member.
Another of the accused is a poker-playing securities trader based out of Monaco.
The accused are believed to have reaped tens of millions of dollars in illicit profits.
From the Independent:
While the profits were allegedly big and the scheme expansive, the basics were relatively simple.
Investment bankers got information about pending mergers and acquisitions at work, according to the US Justice Department and the Securities and Exchange Commission (SEC). They then sold the information to middlemen, who passed it on to traders. The bankers were repaid with cash, expensive holidays, luxury watches and other benefits, according to court filings.
The ring had access to dozens of insider tips and used in-person meetings and “burner” cell phones to avoid detection.
The Independent reports that the poker-playing securities trader, Joseph El-Khouri, 52, was arrested by police in the UK on Monday. Mr El-Khouri allegedly traded on inside information obtained from the two London bankers: Benjamin Taylor, 35, who worked at Moelis & Co and Darina Windsor, 32, who was at Centerview Partners.
El-Khouri also uses the aliases Joseph Khoury and Joseph El Khour.
USA v. Joseph El-Khouri: Criminal Indictment https://t.co/KEJOsq4Zw6 #OffshoreAlert
— Naomi Comerford (@naomicomerford) October 23, 2019
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