Latest news with #RedinelKorfuzi
The Independent
14 hours ago
- 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
a day ago
- 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.
Reuters
a day ago
- Business
- Reuters
Ex-Janus Henderson analyst found guilty of insider dealing in UK
LONDON, June 19 (Reuters) - A former Janus Henderson analyst was on Thursday found guilty of using confidential information on companies including Daimler, Jet2 and THG to make nearly 1 million pounds ($1.3 million) after a London court trial. Redinel Korfuzi, 38, was accused of using information he accessed through his job as a research analyst at the asset manager to trade using accounts held by his sister Oerta Korfuzi, 36, and two other co-defendants. The siblings stood trial at Southwark Crown Court with Redinel Korfuzi's personal trainer Rogerio de Aquino, 63, and de Aquino's partner Dema Almeziad, 40, who prosecutors said were "secret proxies" for the insider trading. The four were each charged with conspiracy to commit insider dealing and money laundering between January 2019 and March 2021, with prosecutors alleging they used lockdown restrictions imposed from March 2020 to carry out the criminal trades. Redinel and Oerta Korfuzi were each convicted of both charges by a jury, while de Aquino and Almeziad were cleared of both charges.
Mint
02-05-2025
- Business
- Mint
Analyst Accused of Insider Trading Said he Saved ‘Dying Fund'
(Bloomberg) -- A former Janus Henderson analyst accused of insider trading said he didn't closely read compliance documents as he was too busy trying to save the firm's 'dying fund.' Redinel Korfuzi is accused of conspiring with his sister and others to trade on insider information he obtained while working as an analyst on Janus Henderson's European equity investment team. The UK's Financial Conduct Authority, which is prosecuting the case, alleges that he helped his sister, girlfriend and personal trainer make short bets on stocks just before they issued new equity to the market. 'I was working 24/7 for that job,' Korfuzi said at Southwark Crown Court on Thursday. 'I saved their dying fund, it was maybe the best performing fund in Europe.' Korfuzi, who was a mutual fund analyst before being arrested in March 2021, would be privy to insider information on companies that were sounding out potential investors for equity raises, prosecutors said. Online trading accounts managed by Korfuzi's sister made a number of short bets using contracts-for-difference — effectively highly leveraged derivative bets that the stocks would fall. The wagers were often placed just minutes after Redinel Korfzi was informed that a particular company would be issuing new shares to the market as part of his role at Janus Henderson, while the two worked next to each other during the pandemic lockdowns in 2020 and early 2021, the jury was told. Compliance documents issued to Korfuzi required him to make disclosures about the trading activity, but he told the court that he had not read the document closely as he was busy trying to rescue Janus Henderson's ailing portfolio. 'I was extremely busy saving a dying fund,' he said in court. More stories like this are available on First Published: 2 May 2025, 01:11 PM IST
Bloomberg
02-05-2025
- Business
- Bloomberg
Analyst Accused of Insider Trading Said he Saved ‘Dying Fund'
A former Janus Henderson analyst accused of insider trading said he didn't closely read compliance documents as he was too busy trying to save the firm's 'dying fund.' Redinel Korfuzi is accused of conspiring with his sister and others to trade on insider information he obtained while working as an analyst on Janus Henderson's European equity investment team.
