Ex-Janus Henderson Analyst, Sister Guilty of £1M Insider Trading

A former Janus Henderson research analyst, Redinel Korfuzi, and his sister, Oerta Korfuzi, have been convicted of insider trading and money laundering, after executing a scheme that exploited the remote working conditions of the COVID era. The siblings illicit activities resulted in over £1 million in profits through unlawful trading in CFDs (Contracts for Difference) between December 2019 and March 2021.

Redinel, who held a trusted position at the asset management firm, conspired with his sister to trade on confidential market-moving information regarding several major companies. The Korfuzi siblings bet on the stock movements of at least 13 companies, including blue-chip names such as Jet2, Daimler, and Vonovia, prior to major corporate announcements that affected stock prices.

In a bid to conceal their involvement, the Korfuzis used multiple accounts, including one held by Oerta and others associated with Redinel‘s personal trainer, Rogerio de Aquino, and his partner, Dema Almeziad. Despite their efforts to obscure the true origin of the trades, the FCA’s market surveillance systems flagged the suspicious trading patterns, leading to a breakthrough in the investigation.

The siblings profited from stock price drops following the corporate announcements, amassing close to £1 million. The FCAs ability to detect and act on such sophisticated schemes highlights the effectiveness of its market monitoring systems, which have been under scrutiny during the pandemic, a time when many market players exploited remote work to carry out fraudulent activities.

Further investigation revealed that the Korfuzis were also involved in money laundering, with over 176 cash deposits totaling almost £200,000 between 2019 and 2021. These deposits were traced to other criminal activities unrelated to the illicit trading. As a result, the Korfuzis were convicted not only for insider trading but also for money laundering offenses.

Although the couple's co-defendants, de Aquino and Almeziad, were acquitted due to insufficient evidence, the FCAs investigation under Operation Naples represents a broader initiative to crack down on financial crime, particularly schemes that became more prevalent with the rise of remote work.

Steve Smart, the joint executive director of enforcement and market oversight at the FCA, emphasized that the case serves as a warning to others involved in insider trading. “Those who use inside information to unlawfully make profits should be aware that we will identify them and bring them to justice,” Smart said.

Redinel and Oerta Korfuzi are scheduled to be sentenced on July 4, 2025, and the FCA has confirmed it will pursue confiscation orders to recover the illicit gains. The penalties for insider trading can be as high as seven years in prison, while money laundering offenses can carry sentences of up to 14 years, making the Korfuzis sentencing a matter of significant interest. The determination of whether their sentences are served concurrently or consecutively will influence the duration of their imprisonment.