Former Janus Henderson analyst implicated in clandestine trading ring, court testimony reveals
In a juicy turn of events, a previous financial analyst and his pals have found themselves at the heart of a "hidden trading syndicate" that's all about greed, a London court recently learned. Redinel Korfuzi dishonestly shared classified information he obtained from his stint at Janus Henderson concerning companies, such as Daimler and Jet2, with his twin sis and mates, according to prosecutors at Southwark Crown Court during their final pitch on Tuesday. The whopping £963,000 profits they made in just over half a year were driven by nothing but naked, avaricious intentions, the Financial Conduct Authority's lawyer Tom Forster KC contended during the trial's closing speech.
As the three-month long criminal trial nears its end, Korfuzi stood trial alongside Oerta Korfuzi, 36; Rogerio de Aquino, 63; and his girlfriend Dema Almeziad, 40. The quartet is being accused of insider trading and money laundering between December 2019 and March 2021. Each defendant refutes the allegations.
The FCA suggests that Korfuzi leveraged his access to confidential info as an insider in his former role at Janus Henderson to enable his accomplices to trade and generate profits, while using remote work during the Covid-19 pandemic as a smokescreen.
The suspects conducted trading activities in companies like packaging group Smurfit Kappa and German real estate company Vonovia, frequentlywithin 24 hours of Korfuzi obtaining classified information from his job, the jury was informed.
Forster delved into the specifics of how Oerta Korfuzi, who performed the actual trading, would extract cash from safety deposit boxes and transfer it into distinct branches of the same bank on the very same day. This was supposedly an effort to clean the money through multiple accounts.
"Do you believe the Korfuzis are truthful with you?," Forster rhetorically questioned the jury. "If not, consider why you were lied to? It wasn't for an innocent reason. It's because the money is dirty [ . . . ] and they ran a trading syndicate to deceive the market."
During the trial, both siblings took the stand. They asserted that the money was unrelated to trading based on insider information but rather cash payments collected from UK clients of their father's Albanian construction business.
De Aquino and Almeziad opted not to testify. De Aquino told the FCA during an interview that he was tricked by Korfuzi, while Almeziad claimed the duo were deceived, the prosecution reported. Both maintain their innocence.
The FCA first announced the charges in the investigation, referred to as Operation Naples, back in January 2023. The trial commenced in February and the jury is expected to deliberate next week.
- The crime-and-justice case against Redinel Korfuzi, Oerta Korfuzi, Rogerio de Aquino, and Dema Almeziad, who are standing trial for insider trading and money laundering, has created a sensation in the general-news arena.
- The deals made by the defendants were not limited to the companies they were initially suspected of focusing on, as the court learned they also involved trading in real estate entities like Vonovia, illustrating a wide-ranging business endeavor.
- The Financial Conduct Authority's lawyer, Tom Forster KC, alleged that the defendants laundered their illicit profits, obtained from insider trading, through various means, one of which was funneling money through multiple bank accounts in the finance realm.
