Andrea Tan Zhi Ge, the alleged leader of an international insider trading ring, lost his court challenge against a US extradition request. Singapore District Judge Cheng Yuxi ruled that every legal requirement under the extradition act had been satisfied and he would be surrendered to the US. Ge has spent two years fighting the bid and faces six counts for alleged securities fraud and money laundering, each carrying a maximum jail term of between five and 25 years.
He petitioned to have his mental state and blindness in one eye considered, but bail was denied in May after the judge noted he has not been treated for bipolar disorder for the past 10 years. Ge allegedly used market-moving tips with day trader Eamma Safi between 2017 and 2024, generating more than $17 million in illegal profits from over 15 deal targets including Principia Biopharma Inc. and French utility Suez SA. He tried to conceal proceeds by disguising transfers as payment for fictitious antiques and claiming funds were "40 kg of meat." Ge will not waive his right to apply for a review of detention.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing