Key Facts
- •Joseph El-Khouri (appellant) is accused of 17 fraud and conspiracy to commit fraud offences in the USA.
- •The alleged offences involved insider trading using material non-public information (MNPI) obtained from investment bank analysts.
- •El-Khouri allegedly used this MNPI to trade contracts for differences (CFDs) on the New York Stock Exchange, making nearly US$2 million in profit.
- •The UK's Financial Conduct Authority (FCA) concluded there was insufficient evidence to prosecute El-Khouri in the UK.
- •The USA requested El-Khouri's extradition.
- •El-Khouri argued the offences were not extradition offences and that extradition was barred by reason of forum under the Extradition Act 2003.
- •The District Judge (DJ) rejected El-Khouri's arguments and sent the case to the Secretary of State.
- •El-Khouri appealed to the High Court.
Legal Principles
Extradition Act 2003, s78(4)(b): Determination of whether the offence is an extradition offence.
Extradition Act 2003
Extradition Act 2003, s83A: Forum bar – extradition barred if not in the interests of justice.
Extradition Act 2003
Extradition Act 2003, s137: Defines extradition offences.
Extradition Act 2003
Criminal Justice Act 1993, s52: Insider dealing offence.
Criminal Justice Act 1993
Criminal Justice Act 1993, s62: Territorial scope of insider dealing offence.
Criminal Justice Act 1993
Transposition in extradition cases: Substituting England for the requesting state in the indictment, changing only what is necessary.
R (Al Fawwaz) v Governor of Brixton Prison [2001] UKHL 69; Norris v Government of the United States of America [2008] UKHL 16
Article 8 ECHR: Right to respect for private and family life.
European Convention on Human Rights
Outcomes
Appeal dismissed.
The High Court found the DJ erred in concluding El-Khouri's conduct constituted dealing on a regulated market under the 1993 Act. However, this error did not necessitate his discharge as his reliance on a UK-based professional intermediary still satisfied the 1993 Act. The court rejected the arguments concerning the forum bar and the Article 8 claim, finding the DJ's assessment of the interests of justice was correct and extradition proportionate.