A former analyst at fund manager Janus Henderson who was convicted of insider trading in the U.K. is now facing prison time.
Last month, following an 18-week trial, ex-analyst Redinel Korfuzi was convicted on charges of insider dealing and money laundering, along with his sister Oerta Korfuzi.
The pair were charged in connection with a scheme to trade on inside information about companies’ plans to raise equity or sell insider blocks of stock — which were expected to impact their trading prices — that he learned about at work.
The U.K.’s Financial Conduct Authority (FCA) said it uncovered the scheme — which involved trading in 13 companies’ stocks between December 2019 and March 2021, generating £960,000 in illegal trading profits — by detecting suspicious patterns in large sets of trading data.
After they were arrested in 2021, the FCA’s investigators also uncovered an international money laundering operation.
“The Korfuzis exploited their privileged position and the confidential inside information they had access to. They rigged the system to satisfy their greed,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA, in a release.
Now, at Southwark Crown Court, Redinel Korfuzi has been sentenced to six years in prison, and his sister was ordered to serve five years.
The FCA said it has also begun proceedings to pursue disgorgement of their ill-gotten gains.