Latest news with #RedinelKorfuzi
Times
05-07-2025
- Business
- Times
Brother and sister jailed over insider trading
A brother and sister have been sentenced to six and five years in jail respectively for insider trading and money laundering after they used his position as a Janus Henderson analyst to break the law. Redinel Korfuzi, 38, a former research analyst at the asset management firm, was accused of using confidential information to which he had access in his City job to trade using accounts held by his sister Oerta Korfuzi, 36, and two other people. Last month, the Albanian siblings were convicted of conspiracy to commit insider dealing and money laundering between December 2019 and March 2021. The Financial Conduct Authority, which prosecuted the case, said the pair had used Korfuzi's access to inside information to 'rig the system to satisfy their greed'. Sentencing them on Friday at Southwark crown court, Judge Alexander Milne said the case 'has elements akin to a Greek tragedy where an individual of some standing is brought crashing down by a fatal flaw . . . You both thought of yourselves as being too clever to be caught out.' The Korfuzis used confidential information on 13 companies including Daimler, Jet2 and THG to make close to £1 million. The insider trading took place at the London flat the siblings shared, taking advantage of working from home after pandemic lockdowns began in March 2020 to co-ordinate the scheme. They used 'short' trades, the term for betting on a share price falling, investing after Korfuzi had obtained inside information such as emails from companies gauging investor interest on plans to raise equity or to sell large blocks of shares owned by existing shareholders, the City regulator said. Korfuzi traded in the shares of those companies on a number of accounts, including those operated by his sister. The FCA detected suspicious activity and the siblings were arrested in March 2021. FCA investigators also uncovered a separate international money laundering operation. It said prosecutors were unable to identify the source of the crime from which the cash derived but the laundering involved deposits made into accounts controlled or operated by the siblings from the UK to Albania. Milne said the scam was 'not a victimless fraud' as insider trading 'diminishes public trust in the integrity of the market'. Two other defendants, Korfuzi's personal trainer Rogerio de Aquino and de Aquino's partner Dema Almeziad, whose accounts were used to execute trades, were cleared of all charges at the trial last month. Korfuzi persuaded the couple to open trading accounts when the personal trainer's business was struggling during the Covid-19 crisis. After they were acquitted last month, Almeziad's lawyer Roger Sahota said: 'There was no evidence that Ms Almeziad knew anything about insider dealing and it is wrong to expect ordinary people to understand or spot complex financial conduct that even professionals struggle with.' Janus Henderson, which manages roughly $380 billion in assets, was not involved in the criminal case or accused of any wrongdoing. The successful prosecution of the Korfuzis follows other positive results for the FCA in court recently, including the Upper Tribunal upholding its ban on Jes Staley, the former Barclays boss.
Yahoo
04-07-2025
- Business
- Yahoo
Ex-Janus Henderson analyst jailed in UK for six years for insider dealing
LONDON (Reuters) -A former Janus Henderson analyst was sentenced to six years in prison on Friday for using confidential information on companies, including Daimler, Jet2 and THG to make nearly 1 million pounds ($1.4 million) following a London court trial. Redinel Korfuzi, 38, used information he accessed through his job as a research analyst at the asset manager to place bets alongside his sister Oerta Korfuzi, 36. The siblings pleaded not guilty to charges of conspiracy to commit insider dealing and money laundering between January 2019 and March 2021, but were convicted last month after a trial at Southwark Crown Court. Judge Alexander Milne sentenced Redinel Korfuzi to six years in jail and Oerta Korfuzi, who had an investment and finance qualification, to five years, saying the pair were "intelligent and financially aware individuals" whose actions were a "betrayal of trust". Janus Henderson, which manages roughly $380 billion in assets, was not involved in the criminal case or accused of any wrongdoing. A spokesperson said when the Korfuzis were convicted: "The protection of confidential information is extremely important to Janus Henderson and the firm treats any actual or suspected misuse of confidential information with the utmost seriousness." Prosecutor Tom Forster told jurors at the start of the trial in February that Redinel and Oerta Korfuzi used lockdown restrictions imposed from March 2020 to carry out the conspiracy from the London flat they shared. Forster added that the defendants made a profit of around 963,000 pounds in relation to 11 companies' shares in just over six months. The Financial Conduct Authority previously said Janus Henderson had cooperated fully with its investigation. Sign in to access your portfolio
Bloomberg
04-07-2025
- Bloomberg
Ex-Janus Henderson Analyst Jailed Over WFH Insider Trades
A former Janus Henderson Group Plc analyst and his sister were jailed by a London judge on Friday, after being found guilty of laundering money and insider dealing. Redinel Korfuzi, 38, was handed a six year sentence at Southwark Crown Court on Friday while his sister Oerta Korfuzi, 36, was jailed for five years. The two appeared in the dock wearing t-shirts, speaking only to confirm their name.
The Independent
20-06-2025
- Business
- The Independent
Brother and sister guilty of £1m insider trading over Jet2 and Daimler shares
A former research analyst at the investment firm Janus Henderson has been found guilty of insider trading after making around £1m during the Covid lockdown, along with his sister. Redinel Korfuzi and his sibling Oerta Korfuzi were charged by the Financial Conduct Authority (FCA) with conspiracy to commit insider dealing and money laundering, between January 2019 and March 2021, and were found guilty at Southwark Crown Court after pleading not guilty. Mr Korfuzi was accused of using confidential information gathered during his work to place a particular type of complex trade, called Contracts for Difference (CFDs), through accounts owned by his sister and two other co-defendants. In this manner, Mr Korfuzi made £963,000 in around six months and was 'was at the absolute centre' of matters, said the prosecutor, benefitting from share price changes of at least 13 companies including Jet2, Daimler and THG. Their trading was detected by FCA market monitoring systems, despite Mr Korfuzi's apparent efforts to hide his involvement. The brother and sister were also convicted of money laundering, with the FCA saying they received money from the proceeds of crime, with more than 176 cash deposits totalling over £198,000. The source of that money was unrelated to charges of insider dealing. Insider trading is punishable by up to ten years in prison, but these charges predate a rule change increasing that time, meaning the pair face a maximum of seven years and/or a fine. For money laundering, a fine and/or up to 14 years imprisonment is the maximum. His Honour Judge Milne told the pair on Thursday: 'These are serious matters of which you've been convicted and the sentences will reflect that.' Steve Smart, joint executive director of Enforcement and Market Oversight at the FCA, said: 'We are committed to fighting financial crime and protecting the integrity of our markets. Those who use inside information to unlawfully make profits should be aware that we will identify them and bring them to justice.' Mr and Ms Korfuzi are set to be sentenced on 4 July and the FCA are also to apply for confiscation orders to recover the proceeds of crime. The jury cleared their two co-defendants, Rogerio de Aquino - Mr Korfuzi's personal trainer - and Dema Almeziad - Mr Korfuzi's partner - of both charges. Their accounts were also used to place trades but they said in statements they had been 'hoodwinked' and 'duped'. Ms Almeziad's lawyer Roger Sahota said in a statement: 'This case should never have been brought. There was no evidence that Ms Almeziad knew anything about insider dealing and it is wrong to expect ordinary people to understand or spot complex financial conduct that even professionals struggle with.' Janus Henderson was not involved in the case or accused of wrongdoing.
Bloomberg
19-06-2025
- Business
- Bloomberg
Ex-Janus Henderson Analyst Found Guilty of WFH Insider Dealing
A former Janus Henderson Group Plc analyst and his sister were found guilty of running an insider trading ring from a London flat while working from home during the coronavirus lockdowns. Redinel and Oerta Korfuzi, were both found guilty by a London jury of conspiring to use insider information while trading, and money laundering. Redinel, 38, used confidential information about companies issuing new equity to time leveraged short trades between 2020 and 2021.
