Redinel Korfuzi sentenced to six years, sister Oerta to five, for £1 million insider dealing and money laundering scheme uncovered by the FCA

Redinel Korfuzi has been sentenced to six years in prison, and his sister Oerta Korfuzi to five years, following their conviction at Southwark Crown Court for insider dealing and money laundering offences totalling £1 million. The case was brought by the Financial Conduct Authority (FCA).

As a research analyst at Janus Henderson, Redinel abused his position of trust by accessing confidential, price-sensitive information likely to impact the share prices of listed companies. He shared this information with his sister, using it to execute illegal trades and profit from market movements before they became public.

Korfuzi frequently reviewed sensitive emails from companies exploring equity raises or planning to sell large blocks of shares. Within minutes of receiving this information, he initiated trades through multiple accounts, including ones held by his sister.

The illegal trading involved 13 companies and took place between 17 December 2019 and 25 March 2021, generating profits exceeding £960,000. Suspicious trading patterns were detected by the FCA’s surveillance systems, and a thorough analysis of trading data led to the unraveling of the operation.

The siblings were arrested in March 2021 during coordinated raids conducted in partnership with the Metropolitan Police.

Further investigation revealed a broader international money laundering scheme. Although the source of the funds remains unclear, 173 cash deposits were made into accounts controlled by the siblings, spanning the UK and Albania. During a search of a safety deposit box in Knightsbridge, authorities recovered nearly £25,000 in English and Scottish banknotes stored in two bags.

Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, commented:

“The Korfuzis exploited privileged access to inside information to satisfy personal greed. They manipulated the system for their own gain.
We remain committed to fighting financial crime and will continue working with law enforcement partners to take decisive action against individuals who threaten market integrity.”

The FCA has also begun proceedings under the Proceeds of Crime Act 2002 to recover the financial benefit obtained through the illegal activity.