Singapore judge approves extradition of insider trading suspect to US

A Singapore district judge has ordered the extradition of Ge Zhi, a Singaporean national, to the United States to face trial for his involvement in a sprawling insider trading operation that stretched across multiple countries and relied on the kind of operational security more commonly associated with criminal enterprises than financial fraud. The decision, handed down in written form on October 1st, concludes a legal process that consumed more than two years and was repeatedly delayed by the defendant's own applications to the court.

Ge was taken into custody by Singapore police in July 2024 following a formal extradition request from American authorities. He now faces six separate charges in the US: securities fraud and money-laundering. Under the terms of the extradition order, he will remain imprisoned while awaiting the Law Minister's warrant authorizing his transfer to American custody. The judge, District Judge Cheng Yuxi, determined that all legal requirements under Singapore's Extradition Act had been satisfied. When informed of the decision on September 22nd, Ge was given two days to decide whether to pursue a High Court review of his detention. He chose not to waive that right, meaning he retains the option to challenge the order before being surrendered.

The scheme itself, as detailed in an FBI affidavit presented during the August 2026 hearing, began in Paris in November 2016 when Ge was recruited by an individual named Eamma Safi and another conspirator. From that point forward, the network operated a systematic operation to extract and monetize material non-public information—details about the financial performance and merger activity of major publicly traded companies that had not yet been disclosed to the market. Ge and Safi worked to identify and recruit investment bankers and other corporate insiders willing to share confidential information. In one instance documented in the case, Ge even asked a friend who worked as an actor in the New York area to introduce him to bankers and similar professionals who might be useful to the scheme.

The operation generated trading activity across at least ten major companies: Alexion Pharmaceuticals, Cytokinetics, Gemalto, Ingenico Group, Kindred Healthcare, Medidata Solutions, Pinnacle Foods, Principia Biopharma, Tiffany & Co, and Walgreen Boots Alliance. One participant, identified in court documents as CW-1, admitted to trading on inside information from roughly 2017 through 2020 and subsequently pleaded guilty to charges in the US in December 2023. The conspirators compensated themselves through a profit-sharing arrangement: Ge and Safi took a percentage of the trading gains generated by those to whom they provided information. In one exchange, Ge explained to CW-1 that while initial tips would be provided without charge, "promoters take 50% profit off the door sales"—a remarkably candid articulation of the scheme's economics.

To evade law enforcement detection, the network employed a deliberate counterintelligence approach. Members used disposable burner phones and SIM cards, which they referred to in coded language as "socks" and "shoes." Money was called "greens." Forthcoming corporate announcements not yet public were labeled "races." They communicated through encrypted messaging applications like Signal that automatically deleted messages after transmission. When CW-1 needed to transfer US$300,000 of his trading profits to a Hong Kong bank account held by another conspirator, Ge instructed him to tell the bank the money was payment to an antique watch dealer who dealt only in cash. To make the cover story credible, Ge arranged for a box to be shipped from the Hong Kong address to CW-1, and an image of the shipping label was used to support the wire transfer. In March 2019, when Ge and another conspirator discussed a US$40,000 kickback payment, they referred to it in messages as "40 kg of meat."

The legal proceedings stretched across more than two years, a duration the judge attributed entirely to Ge's own conduct. Three separate sets of hearing dates—scheduled for May 2025, August 2025, and March 2026—were cancelled following last-minute applications by Ge and his attorneys. In August 2025, the rescheduled dates were vacated after Ge displayed what his lawyer characterized as erratic behavior, with the attorney suggesting a possible relapse of bipolar disorder. However, a report from Singapore's Institute of Mental Health issued in October 2025 found no evidence of any active mental disorder and concluded that Ge was "clearly of sound mind." The report stated instead that his "behaviour could be attributed to a lack of willingness to cooperate with court proceedings." The committal hearing finally commenced on August 20, 2026, with Ge repeatedly requesting additional time before testifying. The judge's written decision noted that "the inevitable conclusion was that the delays to the proceedings were attributable solely and directly to Mr Ge's own applications." Ge remains in remand, with the possibility of seeking a High Court review before his eventual surrender to US authorities.