The United Kingdom’s Financial Conduct Authority (FCA ) has charged
35-year-old Redinel Korfuzi, a former Analyst at the British-American asset manager
Janus Henderson, alongside four others for conspiring to commit insider
dealing offences between December 2019 and March 2021.
The five individuals appeared before the Westminster Magistrates’ Court
on Wednesday, the FCA said in a statement. The financial markets
regulator revealed the four other alleged co-conspirators to include: Oerta Korfuzi, 34, Iva Spahiu,
34, Rogerio de Aquino, 61, and Dema Almeziad, 37.
In particular, the FCA alleged that Korfuzi abused this role as an Analyst
at Janus Henderson by using confidential insider information he obtained “to enable timely and profitable trading in 49 companies through
accounts held by his co-conspirators.”
Furthermore, the financial markets watchdog alleged that Korfuzi and
others deployed the privileged information to trade contracts for difference (CFDs) on the companies,
making approximately £1.5 million as a result.
“All five are also charged with money laundering offences relating to
over 170 cash deposits totaling approximately £200,000,” the FCA said.
Watch the recent FMLS22 session on what CFDs traders look out for when selecting their brokers.
In addition, the FCA disclosed that the defendants were arrested in March 2021 in
partnership with the UK Metropolitan Police. However, before their court
appearance on Wednesday, four of them had been released on bail.
Meanwhile, the regulator noted that the case was transferred to the
Southwark Crown Court where the accused are expected to put in a plea in the case
management hearing on February 22, 2023. For which, they all intend to plead not guilty, the FCA said.
“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,” the UK regulator explained.
Additionally, the FCA noted that a money laundering crime committed in the country is punishable by a fine
and/or up to 14 years of imprisonment.
FCA Investigates Three Money Transfer Firms
In a separate statement on Wednesday, the FCA disclosed that it is investigating three money transfer
companies for possible violation of the UK Competition Act of 1998. This is
even as the regulator “provisionally” believes that the firms possibly
overcharged customers between February 18 and May 31, 2017, through their fixed
exchange rates for converting the UK pound to Pakistani rupees.
The FCA listed the companies being investigated to include Dollar East (International
Travel & Money Transfer) Limited, Hafiz Bros Travel & Money Transfer
Limited and LCC Trans-Sending Limited. Furthermore, the investigation covers LCC’s parent company, Small World Financial Services Group Limited, which
trades as Small World, the regulator said.
The United Kingdom’s Financial Conduct Authority (FCA ) has charged
35-year-old Redinel Korfuzi, a former Analyst at the British-American asset manager
Janus Henderson, alongside four others for conspiring to commit insider
dealing offences between December 2019 and March 2021.
The five individuals appeared before the Westminster Magistrates’ Court
on Wednesday, the FCA said in a statement. The financial markets
regulator revealed the four other alleged co-conspirators to include: Oerta Korfuzi, 34, Iva Spahiu,
34, Rogerio de Aquino, 61, and Dema Almeziad, 37.
In particular, the FCA alleged that Korfuzi abused this role as an Analyst
at Janus Henderson by using confidential insider information he obtained “to enable timely and profitable trading in 49 companies through
accounts held by his co-conspirators.”
Furthermore, the financial markets watchdog alleged that Korfuzi and
others deployed the privileged information to trade contracts for difference (CFDs) on the companies,
making approximately £1.5 million as a result.
“All five are also charged with money laundering offences relating to
over 170 cash deposits totaling approximately £200,000,” the FCA said.
Watch the recent FMLS22 session on what CFDs traders look out for when selecting their brokers.
In addition, the FCA disclosed that the defendants were arrested in March 2021 in
partnership with the UK Metropolitan Police. However, before their court
appearance on Wednesday, four of them had been released on bail.
Meanwhile, the regulator noted that the case was transferred to the
Southwark Crown Court where the accused are expected to put in a plea in the case
management hearing on February 22, 2023. For which, they all intend to plead not guilty, the FCA said.
“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,” the UK regulator explained.
Additionally, the FCA noted that a money laundering crime committed in the country is punishable by a fine
and/or up to 14 years of imprisonment.
FCA Investigates Three Money Transfer Firms
In a separate statement on Wednesday, the FCA disclosed that it is investigating three money transfer
companies for possible violation of the UK Competition Act of 1998. This is
even as the regulator “provisionally” believes that the firms possibly
overcharged customers between February 18 and May 31, 2017, through their fixed
exchange rates for converting the UK pound to Pakistani rupees.
The FCA listed the companies being investigated to include Dollar East (International
Travel & Money Transfer) Limited, Hafiz Bros Travel & Money Transfer
Limited and LCC Trans-Sending Limited. Furthermore, the investigation covers LCC’s parent company, Small World Financial Services Group Limited, which
trades as Small World, the regulator said.