FBI Identifies Nigerian Tech Entrepreneur Izunna Okonkwo in $41 Million Insider Trading Investigation
Insider Trading Scheme: The FBI has linked Nigerian entrepreneur Izunna Okonkwo to a $41 million insider trading and money-laundering scheme involving confidential information about U.S. company acquisitions.
Collaboration with Citibank Banker: Okonkwo allegedly received insider information from Citibank investment banker Gyunho Justin Kim, facilitated through mutual acquaintance Saad Shoukat, to profit from stock trades before public announcements.
Profits from Major Deals: The scheme reportedly generated significant profits from various acquisitions, including over $2.3 million during the Immunomedics acquisition and a $3.5 million gain in 2022.
Cross-Border Investigation: The FBI's investigation revealed a network of trades linked to both Okonkwo and Shoukat, with evidence of brokerage accounts accessed shortly after Kim joined deal teams, indicating a coordinated effort to exploit insider information.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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