1 million pounds for insider trading and money laundering sentenced to 11 years in prison

Redinel Korfuzi was sentenced to six years in prison, while his sister Oerta Korfuzi was sentenced to five years in prison at Southwark Crown Court after being found guilty of insider trading and money laundering worth £1 million in a case brought by the FCA.

Redinel Korfuzi exploited his position as a research analyst at Janus Henderson. In his role, he had access to confidential information that could impact the company's stock price. He shared this with his sister, Oerta, to engage in insider trading and profit from it.

Mr. Korfuzi frequently reviewed emails sent by the company that gauged investor interest in plans to increase market equity or sell large blocks of stock owned by existing shareholders. Within minutes, Mr. Korfuzi traded these companies' stocks through multiple accounts, including one operated by his sister.

The case focused on 13 stocks traded between 17 December 2019 and 25 March 2021, which generated over £960,000 in profits. The FCA detected suspicious trading patterns and analysed a large volume of transaction data to uncover the criminal activity.

The Korfuzis were arrested in March 2021 as part of a search operation conducted in collaboration with the Metropolitan Police.

FCA investigators also uncovered an international money laundering operation. Although the source of the cash remains unknown, 173 deposits were made into accounts controlled or held by siblings in Albania. This included nearly £25,000 in cash in the form of English and Scottish banknotes, which were discovered in two bags during a search of a safe deposit box in Knightsbridge.

Steve Smart, Joint Executive Director of Enforcement and Market Oversight, stated:

Korfuzis exploited their privileged position and access to confidential insider information. They abused the system to satisfy their greed.

“We are committed to working with our enforcement partners to combat financial crime and take strong action against individuals who undermine the integrity of our markets.”

The FCA has initiated proceedings under the 2002 Proceeds of Crime Act to ensure that the proceeds of criminal activity are eliminated.