The Financial Conduct Authority has started criminal proceedings against five people, including a former analyst at Janus Henderson, for conspiracy to commit insider dealing and money laundering.
The FCA said in a statement today (January 25) it has started criminal proceedings against Redinel Korfuzi, Oerta Korfuzi, Iva Spahiu, Rogerio de Aquino and Dema Almeziad who have been accused of committing insider dealing offences between December 17 2019 and March 25 2021.
The FCA claims Korfuzi used confidential inside information he accessed while in his former role as an analyst at Janus Henderson.
The FCA said this information enabled Korfuzi to enable “timely and profitable” trading in 49 companies through accounts held by his co-conspirators.
The charges relate to 170 cash deposits totalling around £200,000.
Insider dealing carries a fine and a maximum sentence of 7 years’ imprisonment (which has been increased to 10 years for crimes committed after November 1 2021), and money laundering can result in a fine or up to 14 years’ imprisonment.
In each case, the defendants used ‘contracts for difference’, a derivative product, to bet that the value of shares in a company would go down after announcements.
The FCA said the group were able to realise profits of £1.5mn as a result.
The regulator and Metropolitan Police conducted a search of multiple sites in March 2021 and four of the defendants were on police bail until they appeared in court today.
All the defendants have indicated ‘not guilty’ pleas and the case has been sent to Southwark Crown Court.
The FCA said Janus Henderson has co-operated fully with the FCA’s investigation.
A spokesperson for Janus Henderson said the company can confirm the person charged was a former employee, but it cannot comment on ongoing criminal proceedings.
"The protection of confidential information is extremely important to Janus Henderson.
"The firm treats any actual or suspected misuse of confidential information with the greatest seriousness.
"Neither the firm, nor any employee of the firm, is the subject of these proceedings.”
sally.hickey@ft.com
