FBI Names Nigerian Businessman in $41M Fraud Scheme

The FBI has identified Izunna Okonkwo, co-founder of Pastel Tech and a Stanford University graduate, in a $41 million fraud scheme. Okonkwo allegedly engaged in insider trading and money laundering with Gyunho Justin Kim and Saad Shoukat, sharing confidential information for illicit gains.

The trio used encrypted messaging apps to coordinate illegal activities, benefiting from insider tips on acquisitions and trades. The FBI has filed a complaint detailing their illicit activities.