- US indictment for insider dealing.
- Conduct in UK.
- Double criminality rule.
The Supreme Court has recently re-examined the double criminality rule in a judgment that is reckoned to have caused consternation within the US Department of Justice: El-Khouri v Government of the United States of America [2025] UKSC 3.
The facts of the case
Joseph El-Khouri was a dual United Kingdom/Lebanese national resident in the UK. He was suspected of insider dealing. The Financial Conduct Authority had conducted a criminal investigation, but decided there was insufficient evidence to charge. However, US prosecutors took a different view. A New York grand jury returned an indictment charging Mr El-Khouri with 17 offences, including securities fraud, wire fraud and conspiracy, and a request was made for his extradition to the US.
The facts alleged in the extradition request were that he had solicited ‘material non-public information’ in respect of ongoing negotiations for mergers and acquisitions involving a number of companies
