Redinel & Oerta Korfuzi jailed for insider dealing & money laundering worth £1m

Southwark Crown Court has sentenced Redinel Korfuzi to six years’ imprisonment and his sister Oerta Korfuzi to five years’ imprisonment following their convictions for insider dealing and money laundering, in a landmark prosecution brought by the Financial Conduct Authority (FCA).

The convictions relate to a complex scheme through which Redinel Korfuzi, a former research analyst at investment manager Janus Henderson, abused his privileged position to access and exploit confidential inside information. Mr Korfuzi routinely received sensitive information about forthcoming market activity, including corporate plans to raise equity or sell large shareholdings. He acted within minutes to execute trades in affected shares, using a network of accounts under his control and in the name of his sister, Oerta Korfuzi.

Between 17 December 2019 and 25 March 2021, the siblings traded in 13 different stocks, generating illicit profits exceeding £960,000. The FCA’s sophisticated surveillance tools identified suspicious trading patterns and prompted a detailed investigation, leading to their arrests in March 2021 during a search operation conducted alongside the Metropolitan Police.

Further FCA enquiries uncovered a linked international money laundering operation. Investigators identified 173 deposits made into bank accounts operated or controlled by the Korfuzis, with funds moved between the UK and Albania. Among the proceeds was almost £25,000 in English and Scottish banknotes found hidden in two bags at a Knightsbridge safety deposit facility.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, commented:

The Korfuzis exploited their privileged position and the confidential inside information they had access to. They rigged the system to satisfy their greed. We are 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 confirmed that confiscation proceedings under the Proceeds of Crime Act 2002 are now underway to strip the Korfuzis of the gains made through their criminal conduct.

Read the press release here.