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

Editorial Staff

26 January 2023

The UK’s 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.