A former analyst at asset manager Janus Henderson and his sister have been convicted of insider dealing and money laundering which netted them more than £1m.

Redinel Korfuzi, 38, worked as a research analyst at Janus Henderson but used confidential, price-sensitive information to deal in shares of at least 13 companies ahead of market announcements.

Between 17 December 2019 and 25 March 2021 he conspired with his sister, Oerta Kortfuzi, 36, to execute trades through accounts held by her, by personal trainer Rogerio de Aquino and his partner Dema Almeziad.

They used contracts for difference (CFDs), taking positions that the value of the relevant shares would go down and closing the positions after the market announcements.

The suspicious trading was detected by the FCA’s market monitoring systems despite their arrangements which were designed to conceal Mr Korfuzi’s involvement in the trading and to maximise profits.

They were charged with insider dealing and money laundering in January and February 2023.

Mr and Ms Korfuzi were also convicted of money laundering. Between 1 January 2019 and 25 March 2021 they received dirty cash derived from the proceeds of crime, making more than 176 cash deposits totalling £198,210. The source of the cash was unrelated to the insider dealing with which they were charged.    

Their co‑defendants, Rogerio de Aquino and Dema Almeziad, were acquitted of all charges.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “We are committed to fighting financial crime and protecting the integrity of our markets. Those who use inside information to unlawfully make profits should be aware that we will identify them and bring them to justice.” 

Mr and Ms Korfuzi will be sentenced on 4 July. The insider dealing is punishable by a fine and/or up to seven years’ imprisonment. The offence of money laundering is punishable by a fine or up to 14 years’ imprisonment. 

The FCA will also apply for confiscation orders to recover the proceeds of crime.