UK-based trader wins extradition fight to US on insider trading

UK trader wins Supreme Court fight against US extradition

Robert Besser
16 Feb 2025, 21:56 GMT+10

UK-based trader wins extradition fight to US on insider trading

A UK-based securities trader accused of insider dealing in the United States has won his legal battle against extradition, with Britain’s Supreme Court ruling in his favor this week
Joseph El-Khouri, a British-Lebanese national, was charged in New York in 2019 along with five others for allegedly participating in an insider trading ring. He faced 17 charges, including securities and wire fraud
U.S. prosecutors claimed El-Khouri made significant payments to a middleman—covering expenses such as a yacht charter in Greece and a ski chalet rental in France—in exchange for confidential stock tips, allegedly earning around $2 million in profits

LONDON, U.K.: A UK-based securities trader accused of insider dealing in the United States has won his legal battle against extradition, with Britain's Supreme Court ruling in his favor this week.

Joseph El-Khouri, a British-Lebanese national, was charged in New York in 2019 along with five others for allegedly participating in an insider trading ring. He faced 17 charges, including securities and wire fraud.

U.S. prosecutors claimed El-Khouri made significant payments to a middleman—covering expenses such as a yacht charter in Greece and a ski chalet rental in France—in exchange for confidential stock tips, allegedly earning around $2 million in profits.

However, El-Khouri fought extradition, arguing that the alleged offenses were committed in the UK. The Supreme Court upheld his appeal, determining that nearly all the alleged criminal activity took place in Britain.

"No part of the conduct alleged to constitute insider dealing can sensibly be considered to have occurred in the United States," the court stated in its ruling.

His lawyer, Richard Cannon, welcomed the decision, saying it set an important precedent for limiting U.S. extradition requests in cases where alleged wrongdoing took place outside American jurisdiction.

"This ruling represents an important check on overreach by the U.S. authorities in the way the U.S./UK extradition treaty operates," Cannon said.

El-Khouri had previously been investigated by Britain's Financial Conduct Authority (FCA) between November 2016 and January 2018, but the regulator concluded there was insufficient evidence to prosecute him.

The FCA has not yet commented on the ruling.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.

More Information

null in null

Southeast Asia

Section

ASEAN Reaffirms Commitment to Myanmar Peace Process, Urges Ceasefire Extension

KUALA LUMPUR, Malaysia - At a meeting on Tuesday in the Malaysian capital, Kuala Lumpur, ASEAN leaders reiterated their commitment...

Trump-backed $1.5 billion golf project breaks ground near Hanoi

Trump Organization breaks ground on $1.5 billion golf club in Vietnam

HUNG YEN, Vietnam: A new US$1.5 billion luxury golf and residential project backed by the Trump Organization officially broke ground...

"This kind of outrage could not go unpunished": Shashi Tharoor emphasises on 'new normal' in Colombia

Bogota [Colombia], May 30 (ANI): Reiterating India's firm stance against terrorism, Congress MP Shashi Tharoor on Thursday (local time)...

"Excellent discussions": All-Party delegation wraps up Saudi visit with focus on terrorism and strategic ties

Riyadh, [Saudi Arabia], May 30 (ANI): The all-party delegation led by BJP MP Baijayant Panda in Saudi Arabia informed that they held...

Daily World Briefing, May 30

Military plane crashes in S. Korea's southeastern city, killing 4 A military plane of the South Korean navy crashed on the hills...

"India always leads globally for peace," says Sule-led all-party delegation in South Africa

Johannesburg [South Africa], May 30 (ANI): An Indian all-party delegation led by NCP-SCP leader Supriya Sule held a joint press conference...

Business

Section

UK trader wins Supreme Court fight against US extradition

Watch latest videos

News RELEASES

Southeast Asia

ASEAN Reaffirms Commitment to Myanmar Peace Process, Urges Ceasefire Extension

Trump-backed $1.5 billion golf project breaks ground near Hanoi

"This kind of outrage could not go unpunished": Shashi Tharoor emphasises on 'new normal' in Colombia

"Excellent discussions": All-Party delegation wraps up Saudi visit with focus on terrorism and strategic ties

Daily World Briefing, May 30

"India always leads globally for peace," says Sule-led all-party delegation in South Africa

Business

Wall Street ends volatile day higher

French farmers jam Paris roads in push for eased regulations

Amid trade tensions, France, Vietnam ink deals worth $10 billion

Wall Street has relapse Wednesday, after Tuesday's heady gains

China’s GAC launches in Brazil as EV demand accelerates

McDonald’s to shut down CosMc’s drink spinoff after short run

Movie Review

The Hills Have Eyes (1977) (4K UHD) [Blu-Ray]