Introduction
Insider trading enforcement has taken center stage globally in 2025, with financial regulators across the United States, United Kingdom, European Union, India, and Nigeria pursuing high-profile investigations and prosecutions.
From senior executives at multinational corporations to public officials and fund managers, a diverse array of individuals has come under scrutiny for exploiting material non-public information for personal gain.
These cases, spanning a wide range of sectors and geographies, illustrate the intensifying regulatory focus on transparency, compliance, and market integrity. As surveillance technology advances and cross-border cooperation strengthens, the message is increasingly clear: no jurisdiction or executive tier is beyond reach.
Global Roundup of Notable Insider Trading Cases and Regulatory Developments (January–May 2025):
United States:
- Bank of America Executive Under DOJ Probe: A former senior dealmaker at Bank of America is under investigation by the U.S. Department of Justice for suspected insider trading related to a corporate transaction. The executive departed the bank amid layoffs in March 2025.
- Pharmaceutical Executive Pleads Guilty: George Demos, a former vice president at a pharmaceutical company, admitted to insider trading that allowed him to avoid losses exceeding $1.3 million. Sentencing is scheduled for May 30, 2025.
- Pam Bondi’s Trump Media Stock Sale Raises Questions: Attorney General Pam Bondi sold her shares in Trump Media on April 2, the same day former President Donald Trump announced a significant tariff policy, leading to a notable dip in stock prices. While there is no evidence indicating Bondi had advance knowledge of the announcement, the timing has raised suspicions and calls for investigation into potential insider trading. Have a look at our article on this here Trump's “Buy DJT” Post, A Wake-Up Call for Market Watchdogs on Both Sides of the Atlantic | InsiderList.
- New SEC Disclosure Requirements: Starting in 2025, public companies are required to disclose whether they have adopted insider trading policies and procedures, and to file these policies as exhibits in their annual reports. This move aims to enhance transparency and ensure compliance with insider trading laws.
- "Shadow Trading" Enforcement: The SEC successfully prosecuted its first "shadow trading" case in 2024, expanding the scope of insider trading liability. This involves trading in securities of a company based on confidential information about a different company, where a market connection exists.
United Kingdom:
- FCA Prosecutes Brothers for Insider Trading: Matthew and Nikolas West pleaded guilty to six counts of insider trading after profiting £42,948 from trades based on confidential broker information. Sentencing is scheduled for July 2025.
- Former Goldman Sachs Analyst Ordered to Pay £587,000: Mohammed Zina was found guilty of insider trading and fraud, resulting in a 22-month prison sentence and a confiscation order of £586,711.
- Fund Analyst Accused of Insider Trading and Money Laundering: Redinel Korfuzi, a former analyst at Janus Henderson, is accused of insider trading and money laundering, allegedly making nearly £1 million through confidential information on companies such as Daimler, Jet2, and THG. The trial is ongoing and is expected to conclude in May.
- FCA's Crypto Regulation Roadmap: The Financial Conduct Authority (FCA) is set to introduce stringent new regulations to align UK crypto firms with traditional finance, covering areas such as capital requirements, insider trading, market abuse, and risk management. Full implementation is expected by 2026.
European Union:
- STMicroelectronics Executives Accused of Insider Trading: Italy's economy minister accused two members of STMicroelectronics' managing board of insider trading, alleging they sold shares just before the release of disappointing earnings. The company denied the claims, asserting the trades were made under a preset plan during a blackout period.
- ESMA Raises Concerns Over Proposed Changes to Insider List Regime: The European Securities and Markets Authority (ESMA) has expressed concerns that proposed changes to the insider list regime might hinder enforcement against market abuse and reduce issuers' control over inside information.
India:
- IndusInd Bank Executives Under SEBI Scrutiny: Six officials at IndusInd Bank are being investigated by SEBI for selling stock options while allegedly having advance knowledge of a $230 million accounting discrepancy. The trades were made shortly before the information became public in March 2025.
- SEBI Issues Notice to Mehul Choksi: SEBI has issued a notice to fugitive diamantaire Mehul Choksi, demanding payment of ₹2.1 crore for violations of insider trading regulations related to shares of Gitanjali Gems. The notice warns that failure to pay within 15 days could result in the attachment of Choksi's assets and bank accounts.
Nigeria:
- Fidelity Bank CEO Accused of Insider Trading: Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank, is reportedly involved in insider trading by purchasing 18 million shares of the bank amid a significant court judgment pressure. The transactions have raised ethical and legal concerns.
- SEC Nigeria Strengthens Regulatory Framework: The Securities and Exchange Commission (SEC) of Nigeria has revamped its investigative processes to bolster detection, prevention, and accountability mechanisms for insider trading and other market abuses in 2025.
Australia:
- ASIC Targets Insider Trading: The Australian Securities and Investments Commission (ASIC) has established a new dedicated team to target insider trading and expedite criminal cases from investigation to prosecution, emphasizing the importance of market integrity.
Hong Kong:
- SFC Finalizes Guidelines on Confidential Information Disclosures: Hong Kong's Securities and Futures Commission (SFC) finalized guidelines for the communication of confidential information before share placements and large securities transactions, effective May 2, 2025. This initiative aims to maintain market integrity and ensure fair play by regulating the use of confidential client information during market soundings.
Key Takeaways:
- Heightened Regulatory Vigilance: Regulators worldwide are intensifying efforts to detect and prosecute insider trading, reflecting a commitment to uphold market integrity.
- High-Profile Individuals Under Scrutiny: Executives, politicians, and CEOs are increasingly under scrutiny for the misuse of privileged information. Their visibility amplifies the impact of enforcement actions.
- Global Scope of Enforcement: Insider trading investigations are not confined to a single region, with significant cases emerging across the United States, United Kingdom, European Union, India, Nigeria, Australia, and Hong Kong.
Conclusion:
The first half of 2025 has underscored a global commitment to combating insider trading, with regulators across continents taking decisive action against individuals and entities violating market integrity. These developments serve as a stark reminder of the importance of robust compliance frameworks and the need for continuous vigilance in upholding ethical standards in financial markets.
