The UK Financial Conduct Authority (FCA) has secured convictions against two individuals, Redinel Korfuzi and Oerta Korfuzi, for insider dealing and money laundering offences which netted them over £1 million.

Redinel Korfuzi worked as a research analyst at an asset management firm. He regularly obtained confidential, price-sensitive information for publicly traded companies as part of his role.

Between 17 December 2019 and 25 March 2021, Mr Korfuzi conspired with his sister, Oerta Korfuzi, to use that confidential information to deal in the shares of at least 13 companies ahead of market announcements.

The trades were executed through accounts held by Mr Korfuzi’s sister, 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.

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 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.

Mr and Ms Korfuzi will be sentenced on 4 July 2025. The FCA will also apply for confiscation orders in order to recover the proceeds of crime.