The FCA has secured convictions against Redinel Korfuzi and his sister Oerta Korfuzi for insider dealing and money laundering offences from which they had earned over £1m.
Redinel Korfuzi was a research analyst at an asset management firm, and between December 2019 and March 2021 conspired with his sister to use confidential price-sensitive information to deal in the shares of at least 13 publicly traded companies ahead of market announcements. The relevant trades were executed using contracts for difference (CFDs), and were detected by the FCA’s market monitoring system, despite arrangements which were designed to obfuscate Korfuzi’s involvement.
During the relevant period, the Korfuzis had also received cash derived from the proceeds of crime totalling £198,210. The FCA plans to apply for confiscation orders in order to recover these monies.