The SEC sued six individuals for running a multimillion-dollar insider trading and market manipulation scheme involving biopharmaceutical companies.
Former investment banker Gyunho Kim provided material nonpublic information about nine potential corporate acquisitions to Muhammad Saad Shoukat, who in turn traded on the information and tipped four others, including his two brothers, according to the Securities and Exchange Commission’s complaint filed Monday in the US District Court for the District of New Jersey.
The SEC alleges the group reaped approximately $41 million in illegal profits from June 2020 to February 2024 by trading ahead of the deal announcements.
The Shoukat brothers ...
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