Joseph El-Khouri, a US securities trader facing extradition to the US on charges of insider trading, was yesterday denied bail at Westminster Magistrates’ Court. Mr El-Khouri is one of six people indicted by the US in connection with a global insider trading ring in the past two weeks. Others implicated in the offending include Edward Taylor, a banker who has avoided extradition from Monaco, and a third suspect, Darina Windsor, who, having been arrested in the UK three years ago is currently at large in her native Thailand.
Robert Jansen of the Crown Prosecution Service, acting for the US in these extradition proceedings, stated that Mr El-Khouri played a “key role” in a “sophisticated” plot to trade on insider, market sensitive information. Mr El-Khouri is alleged to have made $2m personally in the process.
Mr El-Khouri, who holds dual Lebanese-British citizenship, appeared at Westminster Magistrates’ Court on Monday via video-link from Wandsworth prison where counsel for the requesting state opposed bail. Mr Jansen stated that Mr El-Khouri has significant resources and “it’s feared that if he is released, he will try and flee to Monaco.” Counsel for Mr El-Khouri told the court that his client had suffered two heart attacks last night and is taking medication for high blood pressure and cholesterol, arguing that in light of his ill-health, Mr El-Khouri is not a flight risk.
The court denied Mr El-Khouri’s bail application and the extradition proceedings remain ongoing.