FCA secures convictions in £1m money laundering case

The FCA has secured convictions against two individuals 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 December 2019 and March 2021, Korfuzi conspired with his sister, Oerta Kortfuzi, 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. 

The pair were also convicted of money laundering. Between January 2019 and March 2021 they received money derived from the proceeds of crime, making over 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.

The siblings will be sentenced on 4th July 2025. The FCA will also apply for confiscation orders in order to recover the proceeds of crime.

As the offences predate November 2021, when the maximum sentence available increased to 10 years, the insider dealing is punishable by a fine and/or up to 7 years’ imprisonment. The offence of money laundering is punishable by up to 14 years’ imprisonment.

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.”