The UK’s financial watchdog has started criminal proceedings against five individuals for conspiracy to commit insider dealing and money laundering. The regulator alleges that, between December 17, 2019 and March 25, 2021, Redinel Korfuzi (1987), Oerta Korfuzi (1988), Iva Spahiu (1988), Rogerio de Aquino (1961) and Dema Almeziad (1985) all conspired to commit offences of insider dealing.
In particular, the FCA claims that Mr Korfuzi used confidential inside information which he accessed as an analyst in his former role at global investment manager Janus Henderson. With that information, it was possible to perform timely and profitable trading in 49 companies through accounts held by his co-conspirators.
Contracts for Difference
In each deal, the defendants used ‘Contracts for Difference’, a derivative product which they used to bet that the value of shares would go down after announcements. By doing so, they were able to realise profits of approximately £1.5m ($1.88m).
The five individuals are also facing money-laundering charges relating to over 170 cash deposits, totalling around £200,000 ($247,472).
The defendants will appear for a Plea and Case Management Hearing in Southwark Crown Court in London on February 22, 2023. All the defendants have indicated Not Guilty pleas.
Related UK sentence sanctions
- Insider dealing is punishable by a fine and/or up to seven years’ imprisonment for offences that occurred during the period of these alleged offences.
- For offences committed on or after November 1, 2021, the maximum sentence for insider dealing is a fine and/or up to 10 years’ imprisonment.
- Money laundering is punishable by a fine and/or up to 14 years’ imprisonment.
