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 Sierra Leone Times.

More Information

null in null

Business

Section

U.S. layoffs rise, profits fall as tariff concerns cloud outlook

Jobless claims surge as corporate profits slump in first quarter

WASHINGTON, D.C.: A sharp rise in jobless claims and a slump in corporate profits are adding fresh signs of strain in the U.S. economy,...

U.S. stocks make modest gains as tariffs uncertainty unsettle markets

Doubling of steel tariffs undermines Wall Street Monday

NEW YORK, New York - U.S. stocks rose Monday but gains were limited due to more tariffs uncertainty as the U.S. prepares to take on...

JetBlue to share JFK slots as United expands New York footprint

LONG ISLAND CITY/CHICAGO: JetBlue and United Airlines are teaming up to offer travelers more flexibility and rewards, announcing a...

Tourists shift from U.S. to Europe as spending surges

Europe set for 11% rise in tourist spending, WTTC report says

MADRID, Spain: Europe's tourism sector is poised for a strong 2025, with international visitor spending projected to grow by 11 percent...

Tough competition, weak economy hits European investments in China

European firms cut spending amid economic slowdown in China

BEIJING, China: European companies are spending less and cutting back on investment plans in China because the Chinese economy is slowing...

Elf beauty buys Hailey Bieber's Rhode in $1 billion Deal

LOS ANGELES, California: Model Hailey Bieber's skincare and makeup brand, Rhode, is being bought by Elf Beauty for around US$1 billion....

Africa

Section

UK trader wins Supreme Court fight against US extradition

Watch latest videos

News RELEASES

Business

U.S. layoffs rise, profits fall as tariff concerns cloud outlook

U.S. stocks make modest gains as tariffs uncertainty unsettle markets

JetBlue to share JFK slots as United expands New York footprint

Tourists shift from U.S. to Europe as spending surges

Tough competition, weak economy hits European investments in China

Elf beauty buys Hailey Bieber's Rhode in $1 billion Deal

Africa

AFP Helps Bust International Sextortion Ring After Teen Deaths

AIMIM MP Owaisi back in Hyderabad after concluding 4-nation anti-terror tour

Liberian Speaker, Indian MP Shrikant Shinde call for united fight against terrorism

Indian leaders in Liberia highlight Pakistan's role in terrorism, call for global unity

Delegation led by Shrikant Shinde meets Liberian Senate Leader, highlights global security and fight against terrorism

Egypt visit day one 'very productive, fruitful, constructive': Congress MP Manish Tewari

Movie Review

Mean Girls (2024) (4K UHD) [Blu-Ray]