Compliance
Compliance Corner: FCA Starts Case Against Alleged Money Launderers, Insider Dealers

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The UK’s Financial
Conduct Authority said yesterday that it has started criminal
proceedings against five individuals for conspiracy to commit
insider dealing and money laundering.
The regulator 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 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, the FCA
said in a statement.
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 ($1.84 million).
All five are also charged with money laundering offences relating
to over 170 cash deposits totalling about £200,000.
The FCA said that in March 2021 it searched a number of
sites and made arrests, working alongside the Metropolitan
Police. Four of the defendants were on police bail until they
appeared before Westminster Magistrates’ Court yesterday.
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, the FCA said.
Janus Henderson has co-operated fully with the FCA’s
investigation, it added.