Poker’s Joseph El-Khouri indicted for insider trading
The poker pro used his contacts to work the stock markets
London-based poker player and securities trader Joseph El-Khouri have been arrested on charges of insider trading. An investigation has uncovered years of illicit trades using stolen information from investment banks, that provided confidential information about publicly traded companies. Tens of millions of dollars were reported as earnings due to this illicit activity. For El-Khouri he was making around $2 Million for himself out of this activity.
On October 22 of this year, El-Khouri was arrested while he was in his house in London. He was accused of providing benefits such as monetary gifts, cash or any other benefits like expensive stays at a fancy hotel in order to obtain information. According to the accusation, all these benefits were going towards obtaining valuable information about the trades from this middleman.
El-Khouri didn’t really elaborate on complex fraud, but that doesn’t mean he wasn’t effective. It was declared that some investment bankers were able to obtain some private information taking advantage of their positions. Benjamin Taylor, Darina Windsor, and Bryan Cohen would get the information, even if it didn’t have a connection with their own trade and pass it to this middle man.
They used simple ways to pass information such as disposable phones, personal meetings or encrypted software messaging were reported.
After this part was over, the middleman was allegedly selling this information to other investors. This man would receive the information and then get a payment through a method that was also hard to track. The details obtained were not fancy at all, however, it was very relevant to people with interest in this business. When a merge or purchase is announced by a company it really can give someone an opportunity to get very rich by having this news before it is publicly released.
In the same way, El-Khouri has been very comfortable with playing the odds, analyzing the risk for a game. He obviously can take care of himself after seeing him taking home almost $600 000 in tournaments played live. El-Khouri accumulates several tournament winnings, he has cashed out from WPT and EPT main events. Now after the arrest, it remains to be seen if this player born in Lebanon but located in London, will be processed for this charge and taken back to the US to confront the court.