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FCA charges 5 with insider trading & money laundering

Five individuals face conspiracy to insider deal and money laundering charges

Press Releases First published: 25/01/2023 Last updated: 25/01/2023 

The FCA has started criminal proceedings against five individuals for conspiracy to commit insider dealing and money laundering.  

The FCA alleges that Redinel Korfuzi, Oerta Korfuzi, Iva Spahiu, Rogerio de Aquino and Dema Almeziad conspired to commit offences of insider dealing between 17 December 2019 and 25 March 2021. Specifically, the FCA alleges that Mr Korfuzi used confidential inside information he accessed as an Analyst in his former role at Janus Henderson to enable timely and profitable trading in 49 companies through accounts held by his co-conspirators.

In each case, the defendants used a derivative product called Contracts for Difference in relation to each of these companies, betting that the value of shares would go down after the announcements.  In doing so, they were able to realise profits of approximately £1.5 million.

All five are also charged with money laundering offences relating to over 170 cash deposits totalling approximately £200,000.

In March 2021 a multi-site search and arrest operation was conducted by the FCA with the assistance the Metropolitan Police, and four of the defendants were on police bail until they appeared before Westminster Magistrates’ Court today.

The case was formally sent to Southwark Crown Court, where the defendants will appear on 22 February 2023 for a Plea and Case Management Hearing. All the defendants have indicated Not Guilty pleas.

Janus Henderson has co-operated fully with the FCA’s investigation.

The FCA cannot provide any further comment at this time.

Notes to editors

  1. Redinel Korfuzi’s date of birth is 20 May 1987, Oerta Korfuzi’s date of birth is 10 September 1988, Iva Spahiu’s date of birth is 6 February 1988, Rogerio de Aquino’s date of birth is 4 November 1961, Dema Almeziad’s date of birth is 30 January 1985.
  2. Janus Henderson is regulated by the FCA.
  3. Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment for offences that occurred during the period of these alleged offences.  For offences committed on or after, 1 November 2021, the maximum sentence for insider dealing is a fine and/or up to 10 years’ imprisonment.
  4. Money Laundering is punishable by a fine and/or up to 14 years’ imprisonment.
  5. To report market abuse to us or to speak to someone about it, see our market abuse page.
Financial Conduct Authority (FCA) Press Release

Link:

FCA Press Release

Categories: Anti-Money Laundering Enforcement Actions FCA Updates Indictments and Arrests Insider Trading/Insider Dealing

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