The Financial Conduct Authority (FCA) has secured convictions against a brother and sister for insider dealing and money laundering offences.

The pair obtained over £1m through their actions between January 2019 and March 2021.

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

These trades were executed through accounts held by Oerta Kortfuzi, as well as two other individuals, 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.

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

The Korfuzi siblings’ co defendants, de Aquino and Almeziad, were acquitted of all charges.

Separately from the insider dealing charges, Redinel and Oerta Korfuzi have also been convicted of money laundering.

The pair had received cash derived from the proceeds of crime – unrelated to the insider dealing with which they were charged – and were found to have made over 176 cash deposits totalling £198,210.

Joint executive director of enforcement and market oversight at the FCA, Steve Smart, 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.”

Redinel and Oerta Korfuzi will be sentenced on 4 July.

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