Unpacking the Korfuzi judgment and the rise of OCGs involvement in insider dealing
In this episode Rachel Wolcott and Lindsey Rogerson discuss the jailing of siblings Redinel and Oerta Korfuzi at Southwark Crown Court in London on July 4. The pair were found sentenced to a combined 11 years after Redinel used his position as an analyst at Janus Henderson to trade on inside information. They begin by discussing why the Financial Conduct Authority (FCA) might be a celebratory mood after this and other recent successful insider dealing prosecutions, before considering the details of the judgment and the lessons therein for financial services professionals. The conversation then moves on to ponder the presence of Sottish and Northen Irish bank notes in two recent FCA criminal cases. Finally, they discuss recent warnings from UK and French authorities about organised criminal gangs increasingly recruiting junior bank staff for their access to insider information. And crucially what systems and controls these institutions need to have in place to detect and notify regulators when they suspect insider dealing. Links:Rachel’s article on the Korfuzi case FCA hails Korfuzi siblings’ long insider dealing sentencesFCA Match Watch 77 – Trading by OCGs Market Watch 77 | FCA FCA Match Watch 73 – Market conduct and suspicious trading Market Watch 73 | FCAAMF and French Anti-Corruption Agency (AFA) call for vigilance on OCGs The AMF and the AFA call for vigilance on the risk of private corruption by criminal networks of natural persons with access to inside information | AMFFinnish Financial Services Authority June Newsletter on suspicious transaction and order reports (STORs) markkinat-tiedote-2_2025_en.pdfResponses to the European Securities and Markets Authority (ESMA) paper on insider lists Consultation on the Draft implementing technical standards on the extension of the use of the alleviated format of insider lists