A group of traders allegedly used contracts for difference (CFDs) to trade on inside information from a former analyst at a U.S.-based asset manager, regulators in the U.K. allege.

The U.K.’s Financial Conduct Authority (FCA) brought criminal charges against five individuals, including a former analyst with fund manager Janus Henderson, for conspiracy to commit insider trading and money laundering.

Specifically, the FCA alleged that the five defendants used CFDs to generate £1.5 million in illicit trading profits by trading on confidential information in 49 companies that was allegedly obtained by the analyst at work.

“In each case, the defendants used a derivative product called contracts for difference in relation to each of these companies, betting that the value of shares would go down,” the regulator said in a release.

The accused are also charged with money laundering offences.

The allegations have not been proven, and the FCA said all of the defendants indicated they intend to plead not guilty.

A court appearance in the case has been scheduled for Feb. 22.

The firm “cooperated fully” with the FCA’s investigation, the regulator said.