Top FCA Defence Lawyers Act in Conspiracy to Commit Insider Dealing and Money Laundering Case Brought by the Financial Conduct Authority
Operation Naples
Five individuals have been charged with conspiracy to commit money laundering and insider trading by the FCA.
The FCA alleges Redinel Korfuzi and Oerta Korfuzi conspired between 17 December 2018 and 25 March 2020 to commit insider trading offences.The FCA claims that Mr Korfuzi used insider information obtained as an analyst in his previous role at Janus to facilitate timely and profitable trades in 49 companies using accounts owned by his conspirators.
The defendants in each case used Contracts for Different to bet on the fall of the share price after each announcement.They were able, in this way, to make a profit of around PS1.5 million.
The five defendants are also accused of money laundering offenses relating to more than 170 cash deposits, totalling approximately PS200,000.
The FCA, with the help of the Metropolitan Police in March 2021, conducted a search and arrest operation at multiple sites. Four defendants were released on police bail before they appeared today before Westminster Magistrates’ Court.
The case has been formally transferred to Southwark Crown Court where the defendants are scheduled to appear at a Plea Hearing and Case Management Hearing on 22 February 2023.All defendants have indicated a Not Guilty plea.
Janus Henderson cooperated fully with the FCA investigation.
Additional Information
- Janus Henderson’s activities are regulated by FCA.
- Insider dealing can be punished by a fine or up to seven years of imprisonment for crimes committed during this period. Insider dealing can be punished by a fine or up to 7 years in prison for offences that occurred after 1 November 2021.
- Money laundering is punishable with a fine or up to 14-years of imprisonment.
