SEC v. Muhammad Saad Shoukat

Muhammad Saad Shoukat, Muhammad Arham Shoukat, and Muhammad Shahwaiz Shoukat allegedly perpetrated two market manipulation schemes, and along with Izunna Okonkwo, Daniyal Khan, and Justin Kim, carrying out a $41 million insider trading scheme, according to the SEC. Kim tipped Saad Shoukat with material nonpublic information. The SEC alleges that the defendants’ and relief defendants’ combined profits from the scheme totaled approximately $41 million.

Summary generated from official Securities and Exchange Commission press release