A former analyst with asset manager, Janus Henderson, in the U.K. has been convicted for insider trading, based on information he acquired at work about pending corporate news.
The Financial Conduct Authority (FCA) reported that former analyst, Redinel Korfuzi, and his sister, Oerta Korfuzi, were convicted in Southwark Crown Court on charges of insider dealing and money laundering.
The FCA alleged that, between December 2019 and March 2021, Korfuzi conspired to use confidential, price-sensitive information that he acquired — as a research analyst at Janus — about public companies to trade ahead of the public disclosure of that information.
The trading — which was allegedly conducted through the brokerage accounts of Korfuzi’s sister, his partner and personal trainer — used contracts for difference to trade on the forthcoming news.
The FCA said that the illegal trading was detected by its market monitoring systems despite efforts to conceal the trading activity.
In addition to the insider trading charges, the Korfuzi siblings were also convicted of money laundering. They are due to be sentenced on July 4.
The FCA said that it will also seek confiscation orders to recover the proceeds of crime.
“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,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA, in a release.
Korfuzi’s partner and personal trainer were both acquitted on charges against them. A fifth defendant is facing a separate trial, which is scheduled for June 28, 2027.