{"id":1944,"date":"2026-07-02T18:15:47","date_gmt":"2026-07-02T18:15:47","guid":{"rendered":"https:\/\/corporate-movers-usa.com\/?p=1944"},"modified":"2026-07-02T18:15:47","modified_gmt":"2026-07-02T18:15:47","slug":"how-unknown-chinese-insider-traders-cost-jeff-yass-firm-more-than-70-million","status":"publish","type":"post","link":"https:\/\/corporate-movers-usa.com\/?p=1944","title":{"rendered":"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million"},"content":{"rendered":"<div>\n<div>\n<div><audio><\/audio><\/div>\n<\/div>\n<p>Susquehanna Investment Group, the Bala Cynwyd investment and trading firm that has made cofounder Jeff Yass the richest man in Pennsylvania, on Monday convinced a federal judge in New York to freeze accounts of up to 100 options traders, who the firm contends used inside information to book illegal profits of over $100 million, largely at Susquehanna\u2019s expense.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=1942\">Don Mattingly not bothered that Zack Wheeler was upset by his decision: \u2018The great ones never want to come out\u2019<\/a><\/p>\n<div><\/div>\n<p>The firm won the temporary injunction even though Susquehanna acknowledged it didn\u2019t know the names of any of the alleged inside traders. It hopes the freeze will force them into the open. <\/p>\n<div><\/div>\n<div><\/div>\n<p>Susquehanna\u2019s lawsuit, accusing them of illegal insider trading and unjust enrichment, identifies each as \u201cJohn Doe\u201d and asks the court to order the traders to pay back their illegal profits, plus expenses. <\/p>\n<div><\/div>\n<p>\u201cThe timing, size, type and pattern of their trading, and the lack of any plausible alternative explanation\u201d for some 200,000 \u201cshort-dated put options\u201d are \u201cpowerful evidence\u201d of the scheme, according to Susquehanna\u2019s June 29 complaint. The company alleges that someone traded illegally on inside information about the Chinese government\u2019s planned May 22 crackdown on international trading platforms.<\/p>\n<div><\/div>\n<p>At the firm\u2019s request, Judge Arun Subramanian of U.S. District Court in Manhattan signed an order that day freezing the unknown brokers\u2019 profits from suspiciously successful bets that the valuations of two online trading firms would shortly crash:<\/p>\n<div><\/div>\n<div>\n<ol>\n<li>\n<p>Futu Holdings Ltd. (which trades under the share symbol FUTU), a Hong Kong-based, Nasdaq-listed online brokerage <\/p>\n<\/li>\n<li>\n<p>UP Fintech Holdings Ltd. (TIGR), the Singapore-based, Nasdaq-listed owner of New York-based TradeUp Securities, another electronic trading platform.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n<div><\/div>\n<div><\/div>\n<p>The preliminary injunction stopped the unknown brokers from cashing out Futu and UP Fintech options held in their accounts at brokerages associated with both of the firms and with Interactive Brokers Group Inc., billionaire online-trading pioneer Thomas Peterffy\u2019s Connecticut-based trading platform. The brokerages themselves were not accused of wrongdoing. <\/p>\n<div><\/div>\n<p>The brokers will have a chance to ask the court to release their assets at a hearing July 10 in New York, after posting $100,000 in advance \u2014 effectively identifying themselves as defendants in Susquehanna\u2019s suit. The court order also authorizes Susquehanna to subpoena broker records in an effort to learn their identities.<\/p>\n<div><\/div>\n<p>On Wednesday, Bloomberg reported the SEC is investigating the case.<\/p>\n<div><\/div>\n<p>According to Susquehanna\u2019s complaint, the traders, operating through their brokerage accounts, bought $12 million worth of low-cost options in Futu and UP Fintech, betting the stocks would decline in the days before China announced stern penalties on brokers accused of illegally moving cash to foreign markets. <\/p>\n<div><\/div>\n<div><\/div>\n<p>The purchases were many times the usual volume of Futu and UP Fintech options trades and accounted for most of the trades in those options during that period, according to the suit.<\/p>\n<div><\/div>\n<p>Futu and UP Fintech announced on the day of the crackdown that they were, in fact, facing enforcement actions by China regulators, with proposed multimillion-dollar penalties. <\/p>\n<div><\/div>\n<p>That news sent each stock crashing more than 30%, according to the lawsuit \u2014 a loss for shareholders and for other options traders who were betting the stocks would rise, but enriching the unknown traders who had bet on a drop. <\/p>\n<div><\/div>\n<p>In all, the news boosted the value of the unknown traders\u2019 investments by more than $100 million, according to the suit. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=1940\">U.S. Mint releases new nickels, dimes, quarters, and half-dollar for 250th<\/a><\/p>\n<div><\/div>\n<div><\/div>\n<p>More than $70 million of the profit was made on options purchased from Susquehanna, the suit says. <\/p>\n<div><\/div>\n<p>The options purchases were so closely coordinated, their expiration dates so soon after May 22, that the trades \u201csuggest inside knowledge\u201d of the crackdown, the suit contends.<\/p>\n<div><\/div>\n<p>Susquehanna suggested two possible groups of insiders, who either \u201ctipped\u201d favored traders to buy the options, or illegally traded on the inside information themselves:<\/p>\n<div><\/div>\n<div>\n<ol>\n<li>\n<p>Futu and UP Fintech staff \u201cwho had knowledge of discussions with Chinese securities regulators\u201d or<\/p>\n<\/li>\n<li>\n<p>Corrupt Chinese securities regulators who knew in advance of their agency\u2019s own enforcement actions.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n<div><\/div>\n<div><\/div>\n<p>Acting on such insider information is illegal under Chinese and U.S. law, according to the lawsuit, and adding the scale of the profits makes this \u201cone of the largest documented cases of insider trading in recent memory.\u201d <\/p>\n<div><\/div>\n<p>Susquehanna asked for a jury trial, the return of $71.4 million it lost to the traders, plus costs and other payments. <\/p>\n<div><\/div>\n<p>Susquehanna is one of the biggest U.S. \u201cproprietary trading\u201d firms that buy and sell securities, mostly using their partners\u2019 funds. <\/p>\n<div><\/div>\n<p>Under Yass, it has also been a pioneering, long-term investor in China-based digital companies. That includes large positions in TikTok owner ByteDance.<\/p>\n<div><\/div>\n<p>Because of the fraught U.S.-China relationship and concerns by Congress members of both parties about TikTok\u2019s influence over U.S. consumers, President Donald Trump and other U.S. officials have mulled potential restrictions on TikTok\u2019s ownership and operations, and Susquehanna and other investors in that business have been obliged to engage with them. Yass is a prolific political donor.<\/p>\n<div><\/div>\n<div><\/div>\n<p>Susquehanna has reinvested profits from its large, lucrative trading operations into more than 350 China-based tech, retail and industrial companies. Some of them have prospered, and for many more profits have been elusive.<\/p>\n<div><\/div>\n<p>The firm also has funds that invest in U.S., European and Israeli private and public companies, and in South and Southeast Asian companies. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=1938\">Stephen Starr settles with the National Labor Relations Board over union busting allegations at DC steakhouse<\/a><\/p>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Susquehanna Investment Group won an injunction against a \u2018John Doe\u2019 gang.<\/p>\n","protected":false},"author":1,"featured_media":1943,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million - Corporate Movers USA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/corporate-movers-usa.com\/?p=1944\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million - Corporate Movers USA\" \/>\n<meta property=\"og:description\" content=\"Susquehanna Investment Group won an injunction against a \u2018John Doe\u2019 gang.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/corporate-movers-usa.com\/?p=1944\" \/>\n<meta property=\"og:site_name\" content=\"Corporate Movers USA\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-02T18:15:47+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/#\\\/schema\\\/person\\\/e17225d0157cf1fa5c6e5e795cc26626\"},\"headline\":\"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million\",\"datePublished\":\"2026-07-02T18:15:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944\"},\"wordCount\":909,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/corporate-movers-usa.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944\",\"url\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944\",\"name\":\"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million - Corporate Movers USA\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/corporate-movers-usa.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif\",\"datePublished\":\"2026-07-02T18:15:47+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/#\\\/schema\\\/person\\\/e17225d0157cf1fa5c6e5e795cc26626\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#primaryimage\",\"url\":\"https:\\\/\\\/corporate-movers-usa.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif\",\"contentUrl\":\"https:\\\/\\\/corporate-movers-usa.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif\",\"width\":760,\"height\":507},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?p=1944#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/corporate-movers-usa.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/#website\",\"url\":\"https:\\\/\\\/corporate-movers-usa.com\\\/\",\"name\":\"Corporate Movers USA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/corporate-movers-usa.com\\\/#\\\/schema\\\/person\\\/e17225d0157cf1fa5c6e5e795cc26626\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/corporate-movers-usa.com\"],\"url\":\"https:\\\/\\\/corporate-movers-usa.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million - Corporate Movers USA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/corporate-movers-usa.com\/?p=1944","og_locale":"en_US","og_type":"article","og_title":"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million - Corporate Movers USA","og_description":"Susquehanna Investment Group won an injunction against a \u2018John Doe\u2019 gang.","og_url":"https:\/\/corporate-movers-usa.com\/?p=1944","og_site_name":"Corporate Movers USA","article_published_time":"2026-07-02T18:15:47+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/corporate-movers-usa.com\/?p=1944#article","isPartOf":{"@id":"https:\/\/corporate-movers-usa.com\/?p=1944"},"author":{"name":"admin","@id":"https:\/\/corporate-movers-usa.com\/#\/schema\/person\/e17225d0157cf1fa5c6e5e795cc26626"},"headline":"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million","datePublished":"2026-07-02T18:15:47+00:00","mainEntityOfPage":{"@id":"https:\/\/corporate-movers-usa.com\/?p=1944"},"wordCount":909,"commentCount":0,"image":{"@id":"https:\/\/corporate-movers-usa.com\/?p=1944#primaryimage"},"thumbnailUrl":"https:\/\/corporate-movers-usa.com\/wp-content\/uploads\/2026\/07\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/corporate-movers-usa.com\/?p=1944#respond"]}]},{"@type":"WebPage","@id":"https:\/\/corporate-movers-usa.com\/?p=1944","url":"https:\/\/corporate-movers-usa.com\/?p=1944","name":"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million - Corporate Movers USA","isPartOf":{"@id":"https:\/\/corporate-movers-usa.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/corporate-movers-usa.com\/?p=1944#primaryimage"},"image":{"@id":"https:\/\/corporate-movers-usa.com\/?p=1944#primaryimage"},"thumbnailUrl":"https:\/\/corporate-movers-usa.com\/wp-content\/uploads\/2026\/07\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif","datePublished":"2026-07-02T18:15:47+00:00","author":{"@id":"https:\/\/corporate-movers-usa.com\/#\/schema\/person\/e17225d0157cf1fa5c6e5e795cc26626"},"breadcrumb":{"@id":"https:\/\/corporate-movers-usa.com\/?p=1944#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/corporate-movers-usa.com\/?p=1944"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/corporate-movers-usa.com\/?p=1944#primaryimage","url":"https:\/\/corporate-movers-usa.com\/wp-content\/uploads\/2026\/07\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif","contentUrl":"https:\/\/corporate-movers-usa.com\/wp-content\/uploads\/2026\/07\/813ccc3d91a1b6c9ff1f9b1c370a939c.avif","width":760,"height":507},{"@type":"BreadcrumbList","@id":"https:\/\/corporate-movers-usa.com\/?p=1944#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/corporate-movers-usa.com\/"},{"@type":"ListItem","position":2,"name":"How unknown Chinese \u2018insider traders\u2019 cost Jeff Yass\u2019 firm more than $70 million"}]},{"@type":"WebSite","@id":"https:\/\/corporate-movers-usa.com\/#website","url":"https:\/\/corporate-movers-usa.com\/","name":"Corporate Movers USA","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/corporate-movers-usa.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/corporate-movers-usa.com\/#\/schema\/person\/e17225d0157cf1fa5c6e5e795cc26626","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/corporate-movers-usa.com"],"url":"https:\/\/corporate-movers-usa.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=\/wp\/v2\/posts\/1944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1944"}],"version-history":[{"count":0,"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=\/wp\/v2\/posts\/1944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=\/wp\/v2\/media\/1943"}],"wp:attachment":[{"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corporate-movers-usa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}