The United Kingdom’s FCA (Financial Conduct Authority) has issued charges for insider dealing. This includes charges against 35-year-old Redinel Korfuzi, a former Analyst at the British-American asset manager Janus Henderson, alongside four others for conspiring to commit insider dealing offences between December 2019 and March 2021.

The five individuals appeared before the Westminster Magistrates’ Court on Wednesday, the FCA said in a statement. The financial markets regulator revealed the four other alleged co-conspirators to include: Oerta Korfuzi, 34, Iva Spahiu, 34, Rogerio de Aquino, 61, and Dema Almeziad, 37.

In particular, the FCA alleged that Korfuzi abused this role as an Analyst at Janus Henderson by using confidential insider information he obtained “to enable timely and profitable trading in 49 companies through accounts held by his co-conspirators.”

Co-Conspirators Made £1.5M Illegally via CFDs, FCA Says

Furthermore, the financial markets watchdog alleged that Korfuzi and others deployed the privileged information to trade contracts for difference (CFDs) on the companies, making approximately £1.5 million as a result.

“All five are also charged with money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term offences relating to over 170 cash deposits totaling approximately £200,000,” the FCA said.

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In addition, the FCA disclosed that the defendants were arrested in March 2021 in partnership with the UK Metropolitan Police. However, before their court appearance on Wednesday, four of them had been released on bail.

Meanwhile, the regulator noted that the case was transferred to the Southwark Crown Court where the accused are expected to state how they plead in the case management hearing on February 22, 2023. For which, they all intend to plead not guilty, the FCA said.

“Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment for offences that occurred during the period of these alleged offences. For offences committed on or after 1 November 2021, the maximum sentence for insider dealing is a fine and/or up to 10 years’ imprisonment,” the UK regulator explained.

Additionally, the FCA noted that a money laundering crime committed in the country is punishable by a fine and/or up to 14 years of imprisonment.

FCA Investigates Three Money Transfer Firms

In a separate statement on Wednesday, the FCA disclosed that it is investigating three money transfer companies for possible violation of the UK Competition Act of 1998. This is even as the regulator “provisionally” believes that the firms possibly overcharged customers between February 18 and May 31, 2017, through their fixed exchange rates for converting the UK pound to Pakistani rupees.

The FCA listed the companies being investigated to include Dollar East (International Travel & Money Transfer) Limited, Hafiz Bros Travel & Money Transfer Limited and LCC Trans-Sending Limited. Furthermore, the investigation covers LCC’s parent company, Small World Financial Services Group Limited, which trades as Small World, the regulator said.