Nigerian and others charged in $41m US stock fraud case
A dual US-Nigerian citizen, Izunna Okonkwo, was indicted with five others over an alleged $41 million stock market fraud in the US. The US Department of Justice announced the charges on June 5, 2025, detailing a years-long insider trading scheme. The accused allegedly profited from confidential information about healthcare and biopharmaceutical company deals. If convicted, they face lengthy prison sentences.
What happened
- Izunna Okonkwo and five others were indicted for insider trading and stock manipulation between June 2020 and February 2024.
- The group allegedly obtained and traded on non-public information about mergers and acquisitions in the healthcare sector.
- They are accused of manipulating the stock prices of Olema and Opiant by spreading false data and profiting from the resulting price changes.
- The US Department of Justice stated the scheme generated at least $41 million in illicit profits.
- The defendants face charges including conspiracy and insider trading, with potential sentences of 20–25 years per count if convicted.
