https://undercoverist.org/samy-khouadja-eamma-safi-charged-in-global-insider-fraud/
BOSTON – A federal superseding indictment unsealed today charges eight foreign nationals, including Samy Fadi Khouadja and Eamma Safi, in connection with a global insider trading and money laundering network. The defendants are:
Samy Fadi Khouadja, 45, France/UAE
Eamma Safi, 38, UAE/Germany
Zhi Ge, 34, Singapore
Christophe Dong, 41, France
Julien Liu, 35, France/Hong Kong
Patrick Chou, 38, France/Hong Kong
Cheuk Yue Lee, 43, Hong Kong
Dev Ananth Durai, 39, Singapore
Safi and Ge were previously charged in April 2024, and the grand jury indicted all eight in Boston in July 2024. The superseding indictment includes counts of conspiracy to commit securities fraud, securities fraud, and money laundering conspiracy. Safi is in U.S. custody; Ge is in Singapore awaiting extradition, while the others remain fugitives.
According to charging documents, Khouadja, Safi, and Ge led the network from 2016 to 2024, recruiting corporate insiders with access to material, non-public information (MNPI) about publicly traded companies. They allegedly obtained MNPI, traded on it, and coordinated an international network of traders across the U.S., Europe, the Middle East, and Asia.
The indictment alleges the network leaked MNPI to journalists to profit from market-moving information and conducted trades via a Massachusetts-based automated exchange. Other members, including Dong, Liu, Chou, Lee, and Durai, allegedly traded MNPI in exchange for kickbacks disguised through cash transfers, shell companies, and sham invoices. These trades reportedly generated tens of millions in illicit profits.
Defendants allegedly concealed their actions using encrypted messaging apps, burner phones, and coded language. Texts cited in the indictment show detailed planning of insider trades and the coordination of kickbacks between co-conspirators.
“The eight men are accused of a global con, trading on stolen information to gain millions,” said Ted E. Docks, FBI Boston SAC. “Their attempts to evade detection highlight the critical role of law enforcement in protecting investors.”
Securities fraud and conspiracy charges carry penalties of up to 25 years in prison, with fines up to $5 million. Money laundering charges can result in up to 20 years in prison and fines of up to $500,000 or twice the value of illicit funds. Sentencing is determined by federal guidelines.
The investigation was supported by the U.S. Securities & Exchange Commission, FINRA, the Justice Department’s Office of International Affairs, and the Government of Switzerland, which facilitated Safi’s February 2025 extradition. Assistant U.S. Attorney Ian J. Stearns is prosecuting the case.
All defendants are presumed innocent until proven guilty in a court of law.
