SEC v. Eamma Safi and Zhi Ge a/k/a Josh Ge (insider trading, 2025)

Alleged — pending

These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

✓ Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In March 2025 the Securities and Exchange Commission charged German national Eamma Safi and Singaporean national Zhi Ge with an international insider trading scheme, alleging that Safi tipped Ge and a third person ahead of ten corporate announcements between 2017 and 2024, that they used coded and disappearing messages, and that they made over $17.5 million. The complaint seeks injunctions, disgorgement with interest and penalties; criminal indictments were unsealed the same day.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on March 14, 2025 as release LR-26268, filing in the District of Massachusetts on March 4, 2025.

The complaint alleges Safi obtained material non-public information and demanded kickbacks from profits made by the third person. The U.S. Attorney's Office for the District of Massachusetts unsealed indictments against both defendants on March 4, 2025.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Checked on 2026-10-04: no outcome found on SEC pages or the court docket. The docket (D. Mass. 1:25-cv-10516) shows that on May 12, 2025 the court stayed the case as to Eamma Safi while his criminal case is pending, and that service on the co-defendant Zhi Ge was recorded in December 2025; no judgment appears.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2025-03-14 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• Docket, SEC v. Safi (D. Mass. 1:25-cv-10516), via CourtListener

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.