Nigerian-American Izunna Okonkwo, Over $41M Insider Trading and Stock Manipulation Scheme

U.S. authorities have charged six individuals, including Nigerian-American Izunna Okonkwo, for a multi-year insider trading and stock manipulation scheme that allegedly earned at least $41 million in illicit profits. The defendants are accused of trading on material non-public information and manipulating the stock prices of biopharmaceutical companies developing breast cancer and opioid overdose treatments. Court documents allege the group falsified data and issued fake press releases to mislead investors. The charges include conspiracy to commit securities fraud, insider trading, wire fraud, and market manipulation, carrying potential prison sentences of 5 to 25 years per count.