Singapore judge approves extradition of man accused of leading global insider trading ring

The decision followed a two-year legal process marked by Ge Zhi’s multiple bids to delay the matter.

PHOTO: JOSH GE/FACEBOOK

Published Oct 01, 2026, 10:30 PM

Updated Oct 01, 2026, 10:30 PM

A Singapore judge approved the extradition of Ge Zhi to the US to face insider trading and money laundering charges after a two-year legal process.

Ge allegedly led a global insider trading ring using coded messages, burner phones, and recruited insiders to share non-public financial information.

The extradition delays were due to Ge's repeated applications and erratic behaviour, but mental health reports found him fit for trial.

SINGAPORE – A Singapore judge has approved the extradition of Singaporean Ge Zhi to the United States to stand trial for his role in a global insider trading ring that used burner phones and coded language to evade detection.

Under the extradition process, the judge ordered Ge to be committed to prison to await the Law Minister’s warrant for his surrender to the US.

The decision followed a two-year legal process marked by the fugitive’s multiple bids to delay the matter.

Ge faces six charges of securities fraud and money-laundering in the US. He was arrested by Singapore police in July 2024, following an extradition request by the US.

In written grounds of decision issued on Oct 1, district judge Cheng Yuxi said all the legal requirements under the Extradition Act have been met for Ge’s committal to prison to await his surrender.

The judge said he had explained his decision to Ge on Sept 22, and informed him that he could apply to the High Court for an order of review of the detention, or waive his right to do so.

Ge asked for two days to consider, and on Sept 24, told the court he would not be waiving his right to seek a review. He remains in remand.

During a hearing in August 2026, an affidavit by a special agent from the US’ Federal Bureau of Investigation setting out the evidence obtained against Ge was presented by the Attorney-General’s Chambers.

According to the affidavit, Ge was recruited by one Eamma Safi and another co-conspirator identified as CC-1, in Paris in November 2016.

Following the meeting, they allegedly ran an insider trading scheme using material non-public information, or MNPI, which involved participants in the US and other countries.

One of the participants recruited by Ge, identified as CW-1, admitted to participating in the scheme from around 2017 to 2020 to trade in stocks. CW-1 has pleaded guilty in the US to charges against him in December 2023.

According to the FBI agent, Ge and Safi connected with individuals to recruit investment bankers and other corporate insiders who were willing to share inside information about the financial performance and merger-and-acquisition activity of publicly traded companies.

The affidavit cited an exchange of messages between Ge and a friend, who worked as an actor in the New York area, in which Ge asked the friend to introduce him to “bankers and such”.

It contained more than a dozen examples of how Ge and his co-conspirators used such information to trade , and also provided the information for others to trade in the securities of publicly listed companies.

The companies included Alexion Pharmaceuticals, Cytokinetics, Gemalto, Ingenico Group, Kindred Healthcare, Medidata Solutions, Pinnacle Foods, Principia Biopharma, Tiffany & Co, and Walgreen Boots Alliance.

To hide the scheme from law enforcement , the network Ge was in used disposable or “burner” phones, coded language, and encrypted messaging applications like Signal with auto-deleting messages.

The conspirators used the terms “socks” and “shoes” as code for disposable mobile phones and SIM cards, “greens” for money, and “races” for forthcoming corporate announcements that were not yet public.

Based on the affidavit, Ge, Safi and others received kickbacks, or a percentage of the trading profits made by the individuals to whom he provided such information.

For example, after initially giving CW-1 information in relation to Pinnacle and Kindred, Ge explained that while these first samples free, “promoters take 50% profit off the door sales”.

Ge moved a share of his trading profits through an individual identified as CC-10.

In March 2019, CC-10 and Ge discussed the latter kicking back US$40,000 (S$51,200) in trading profits, coded as “40 kg of meat”.

CW-1 also admitted to having been instructed by Safi and Ge to wire US$300,000 of his proceeds to a Hong Kong bank account held in the name of a person identified as Individual 7.

When CW-1 expressed concern that it look suspicious, Ge instructed CW-1 to tell the bank that the money was a payment to an antique watch dealer that only accepted cash.

Ge even purportedly had caused a box to be sent from Individual 7’s address in Hong Kong to CW-1. An image of the shipping label was used to support the transfer of US$300,000.

Lack of willingness to cooperate

District Judge Cheng’s written grounds also set out why the court process took more than two years to conclude.

Three sets of hearing dates, in May 2025, August 2025 and March 2026, were cancelled due to last-minute applications brought by Ge and his then lawyers for various reasons.

For example, the rescheduled dates in August 2025 were vacated after Ge was observed to be behaving erratically, and his lawyer at that time said he could be suffering a relapse of his bipolar disorder.

But in October 2025, a report from the Institute of Mental Health said there was no evidence that Ge suffered from any active mental disorder and that he was “clearly of sound mind”.

The report concluded that Ge’s “behaviour could be attributed to a lack of willingness to cooperate with court proceedings”.

The committal hearing eventually started on Aug 20, 2026, with Ge repeatedly asking for more time before he took the stand.

The judge said: “The inevitable conclusion was that the delays to the proceedings were attributable solely and directly to Mr Ge’s own applications.”

Selina Lum is senior law correspondent at The Straits Times.

经过两年的法律程序，葛志多次试图拖延此事，最终做出了裁决。

照片：JOSH GE/FACEBOOK

发布于2026年10月1日晚上10:30

更新于2026年10月1日晚上10:30

经过两年的法律程序，新加坡一名法官批准将葛志引渡到美国，面临内幕交易和洗钱指控。

据称葛某领导了一个全球内幕交易团伙，使用加密信息、一次性手机，并招募内部人士分享非公开财务信息。

引渡程序的延误是由于葛某反复提出申请和行为异常造成的，但精神健康报告显示他适合接受审判。

新加坡——新加坡一名法官批准将新加坡人葛志引渡到美国受审，他被控参与一个全球内幕交易团伙，该团伙使用一次性手机和暗语来逃避侦查。

根据引渡程序，法官下令将葛某送入监狱，等待律政部长签发将其引渡至美国的逮捕令。

经过两年的法律程序，该决定最终做出。在此期间，这名逃犯多次试图拖延案件审理。

葛文亮在美国面临六项证券欺诈和洗钱指控。2024年7月，应美国引渡请求，他被新加坡警方逮捕。

10月1日，地方法官程玉玺在书面判决理由中表示，根据《引渡法》，葛某已被送入监狱等待引渡，所有法律要件均已满足。

法官表示，他已于 9 月 22 日向葛某解释了他的决定，并告知他可以向高等法院申请复核拘留令，或者放弃这项权利。

葛某请求两天时间考虑，并于9月24日告诉法庭，他不会放弃寻求复审的权利。他目前仍被羁押。

在 2026 年 8 月的一次听证会上，司法部长办公室提交了一份由美国联邦调查局特工提供的宣誓书，其中列出了针对葛某获得的证据。

根据宣誓书，Ge 于 2016 年 11 月在巴黎被 Eamma Safi 和另一名同谋 CC-1 招募。

会后，他们涉嫌利用重大非公开信息（MNPI）实施内幕交易计划，参与者来自美国和其他国家。

葛某招募的参与者之一，代号CW-1，承认在2017年至2020年期间参与了该计划，进行股票交易。CW-1已于2023年12月在美国认罪。

据联邦调查局探员称，葛和萨菲与一些人联系，招募投资银行家和其他公司内部人士，这些人愿意分享有关上市公司财务业绩和并购活动的内幕信息。

宣誓书中引用了葛和一位在纽约地区担任演员的朋友之间的短信交流，葛在短信中要求这位朋友介绍他认识“银行家之类的人”。

报告列举了十几个葛及其同谋如何利用此类信息进行交易的例子，并向他人提供信息，以便他们交易上市公司的证券。

这些公司包括 Alexion Pharmaceuticals、Cytokinetics、Gemalto、Ingenico Group、Kindred Healthcare、Medidata Solutions、Pinnacle Foods、Principia Biopharma、Tiffany & Co 和 Walgreen Boots Alliance。

为了向执法部门隐瞒该计划，Ge 所在的网络使用了一次性或“烧毁”手机、编码语言和 Signal 等带有自动删除消息功能的加密消息应用程序。

阴谋者用“袜子”和“鞋子”作为一次性手机和 SIM 卡的暗语，“绿色”代表金钱，“比赛”代表尚未公开的即将发布的公司公告。

根据宣誓书，Ge、Safi 等人收受了回扣，即他向其提供信息的个人所获得的交易利润的一定比例。

例如，在最初向 CW-1 提供有关 Pinnacle 和 Kindred 的信息后，Ge 解释说，虽然这些最初的样品是免费的，“但推广人员会从现场销售中抽取 50% 的利润”。

Ge 将他的一部分交易利润通过一个身份为 CC-10 的人转移出去。

2019 年 3 月，CC-10 和 Ge 讨论了后者返还 40,000 美元（51,200 新元）的交易利润，并将其编码为“40 公斤肉”。

CW-1 还承认，他曾受 Safi 和 Ge 的指示，将他所得的 30 万美元汇入一个以“个人 7”名义开设的香港银行账户。

当 CW-1 表示担心这看起来很可疑时，Ge 指示 CW-1 告诉银行，这笔钱是支付给一位只接受现金的古董钟表商的款项。

据称，葛甚至安排人从香港的“个人7”的地址向CW-1寄送了一个包裹。一张货运标签的照片被用来证明这笔30万美元的转账。

缺乏合作意愿

程地方法官的书面理由还阐述了为什么法院审理过程耗时两年多才结束。

由于葛及其当时的律师以各种理由在最后一刻提出申请，原定于 2025 年 5 月、2025 年 8 月和 2026 年 3 月举行的三场听证会都被取消。

例如，原定于 2025 年 8 月举行的活动因葛文强行为异常而被取消，当时他的律师表示，他可能患有双相情感障碍复发。

但2025年10月，精神卫生研究所的一份报告称，没有证据表明葛患有任何活跃的精神障碍，他“显然神志清醒”。

报告总结认为，葛的“行为可能是由于缺乏配合法庭诉讼的意愿”。

最终，预审听证会于 2026 年 8 月 20 日开始，葛在出庭作证前多次要求更多时间。

法官表示：“不可避免的结论是，诉讼程序的延误完全是葛先生自己的申请直接造成的。”

Selina Lum是《海峡时报》的资深法律记者。