A former research analyst at Janus Henderson has been sentenced to six years in prison after being convicted of insider dealing and laundering £1m.
Redinel Korfuzi was sentenced to six years imprisonment and his sister Oerta Korfuzi, was sentenced to five years imprisonment at Southwark Crown Court in a case brought by the FCA.
According to the watchdog, Korfuzi took advantage of his position as a research analyst at Janus Henderson where he had sight of companies’ plans to raise equity and sell shares and used this information to trade in the shares of those companies across several accounts, including those operated by his sister. By trading 13 stocks between December 2019 and March 2021 Korfuzi made a profit of more than £960,000.
The money laundering was an international operation, with 173 deposits made into accounts controlled or operated by the siblings from the UK to Albania. This included nearly £25,000 of cash in English and Scottish bank notes that was found in two bags during the search of a safety deposit box in Knightsbridge.
The Korfuzis were arrested in March 2021 after the FCA uncovered the crime.
Steve Smart, joint executive director of enforcement and market oversight, said: “The Korfuzis exploited their privileged position and the confidential inside information they had access to. They rigged the system to satisfy their greed.
“We’re committed to working with our law enforcement partners to fight financial crime and taking forceful action against individuals who undermine the integrity of our markets.”
The FCA has begun proceedings under the Proceeds of Crime Act 2002 to ensure the benefit of the criminality is removed.
A spokesperson for Janus Henderson said: “We are pleased that the proceedings related to this legacy matter have now concluded. Neither Janus Henderson, nor any other past or current employee of the firm, was the subject of the proceedings or accused of any wrongdoing”.
