The Financial Conduct Authority has begun criminal proceedings against a former Janus Henderson analyst and four alleged co-conspirators on charges for insider trading.
The regulator alleges that Redinel Korfuzi, who worked as an analyst at Janus Henderson, used confidential information to enable "timely and profitable trading" in 49 companies through accounts held by three co-conspirators.
Korfuzi, along with Oerta Korfuzi, Iva Spahiu, Rogerio de Aquino and Dema Almeziad conspired to commit offences between 17 December 2019 and 25 March 2021.
According to the FCA, the group gained profits of about £1.5m, which they achieved through using contracts for differences, a derivatives product. The five would bet the value of shares would go down after the announcements.
The group are also being charged with money laundering offences for over 170 cash deposits worth £200,000.
Insider dealing is punishable by a fine and/or up to seven years imprisonment for the period when the offence occurred, while money laundering is punishable with a fine and/or up to 14 years.
The case has been sent to the Southwark Crown Court with an appearance scheduled for 22 February. The five are pleading not guilty.
In March 2021, the FCA and Metropolitan Police conducted a search and arrest operation and four of the defendants had been on police bail until they appeared in Westminster Magistrates Court yesterday (25 January).
The FCA said that Janus Henderson has "co-operated fully" with the investigation.
A spokesperson for Janus Henderson said: "We can confirm that the person who has been charged was a former employee of Janus Henderson. We cannot comment on ongoing criminal proceedings.
"The protection of confidential information is extremely important to Janus Henderson. The firm treats any actual or suspected misuse of confidential information with the greatest seriousness. Neither the firm, nor any employee of the firm, is the subject of these proceedings."
