Latest news with #SGS
Mint
11 hours ago
- Business
- Mint
Insider Trading Siblings Used Lockdown to Make £1 Million
(Bloomberg) -- Before the market opened on Feb. 4, 2020, traders were watching Swiss testing company SGS SA, waiting for its shares to drop. Overnight it had been announced that the Von Finck family were going to sell 2.3 billion francs ($2.8 billion) of their holding. That's a huge chunk of stock for buyers to absorb, and the price fell the most in nearly five years. 'Stay ready,' Janus Henderson Group Plc analyst Redinel Korfuzi wrote in a message to his sister Oerta in their native Albanian, 55 seconds after the bell that day. Two minutes later, from the mutual fund giant's office in Bishopsgate, London, he messaged again: 'Stay ready because we have to close it if needed.' His sister was in the cramped living room of the flat they shared in Marylebone. The day before, she had opened two highly-leveraged short positions. With a little over £10,000 ($13,400) of equity, she had amassed a position with an initial notional volume of more than £150,000, wagering that SGS's stock would fall. With no answer from Oerta, her brother messaged again, and called her, finally getting through at 8:04 a.m. 'Open the platform and stay ready,' he said on WhatsApp shortly after an eight-second call. Finally, his sister responded: 'Gati Ikam' or, in English, 'I have them ready.' The exchange is just one of several that the UK's Financial Conduct Authority argued at a London trial was clear evidence of trading on insider information. On Thursday, a jury at Southwark Crown Court agreed, finding the two guilty of insider dealing and money laundering. Two others, Redinel's personal trainer Rogerio de Aquino, 63, and his partner Dema Almeziad, 40, were acquitted of all charges. At its heart, Redinel's plan was little different to countless other insider trading scandals. As part of his job, he had access to advance information on companies, in this case upcoming large share sales that often lead to price declines when announced. That's what happened with the SGS placing, which Redinel was informed about not long before his sister shorted it. The Korfuzis repeated this trick more than 10 times over the next year or so, continuing as the two worked from home during Covid lockdowns. With the SGS trade, Oerta and her brother made £7,747 in a little over 20 minutes. Before they were stopped by an FCA raid in March 2021, they had made almost £1 million. It was a 'trading club to cheat the market,' according to the prosecution's lawyer, Tom Forster. During the trial, 36-year-old Oerta said she made the trades based on her analysis, without knowing her brother had any insider knowledge. But the jury refused to believe that she was 'subconsciously' influenced by phone conversations across the living room, that she quickly analyzed charts and technical indicators for company names she overheard and placed profitable bets. Redinel, 38, denied involvement in the trades, at one point saying he was too busy saving what he called a 'dying fund' at Janus Henderson. In its case, the FCA presented evidence such as call records, data from phones and laptops, as well as a trove of WhatsApp and Telegram messages. 'Check out the app urgently. Check out the other app,' one of Redinel's translated WhatsApps to his sister said. That was sent less than a minute after he received market sensitive information about a proposed sale of £500 million worth of Hargreaves Lansdown Plc shares in February 2020. Redinel was at Janus Henderson's office at the time and referring to Telegram as the other app, according to the prosecutors. One minute after he got the Hargreaves information, Redinel called Oerta for eight seconds — when the prosecutors say he could've passed on the company's name. Within 15 minutes, Oerta moved money between accounts and began shorting the shares. Other companies traded included vehicle manufacturer Daimler Truck Holding AG, budget airline Jet2 Plc and pharmaceutical firm Dermapharm Holding SE. Janus Henderson wasn't accused of any wrongdoing. 'He was in truth the king of stocks. She the enthusiastic apprentice,' Forster said during the trial. According to prosecutors, British national de Aquino and his Saudi fiance were 'secret proxies' for the trading syndicate and handled 'dirty cash.' Both had pleaded not guilty and maintained they didn't know Redinel had insider information. They didn't testify during the trial. To make the bets, Redinel helped de Aquino and Almeziad open trading accounts. De Aquino had told police that they were 'two idiots' who were hoodwinked by him. Oerta made about £430,000 from the trades, while de Aquino and his girlfriend raked in £135,000. Another trading account controlled by the siblings posted £408,000. The siblings claimed to have never discussed the trading or the massive profits with each other. The prosecution saw it differently. 'The truth is for the residents of Brunswick House there was never going to be enough money,' Forster said. 'Arrogance, pride, entitlement and greed drove them on – and it has ruined them.' More stories like this are available on
Economic Times
11 hours ago
- Business
- Economic Times
Insider trading siblings used lockdown to make £1 million
Live Events Bloomberg 'Two Idiots' (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Before the market opened on Feb. 4, 2020, traders were watching Swiss testing company SGS SA, waiting for its shares to it had been announced that the Von Finck family were going to sell 2.3 billion francs ($2.8 billion) of their holding. That's a huge chunk of stock for buyers to absorb, and the price fell the most in nearly five years.'Stay ready,' Janus Henderson Group Plc analyst Redinel Korfuzi wrote in a message to his sister Oerta in their native Albanian, 55 seconds after the bell that minutes later, from the mutual fund giant's office in Bishopsgate, London, he messaged again: 'Stay ready because we have to close it if needed.'His sister was in the cramped living room of the flat they shared in Marylebone. The day before, she had opened two highly-leveraged short positions. With a little over £10,000 ($13,400) of equity, she had amassed a position with an initial notional volume of more than £150,000, wagering that SGS's stock would no answer from Oerta, her brother messaged again, and called her, finally getting through at 8:04 a.m.'Open the platform and stay ready,' he said on WhatsApp shortly after an eight-second call. Finally, his sister responded: 'Gati Ikam' or, in English, 'I have them ready.'The exchange is just one of several that the UK's Financial Conduct Authority argued at a London trial was clear evidence of trading on insider information. On Thursday, a jury at Southwark Crown Court agreed, finding the two guilty of insider dealing and money laundering. Two others, Redinel's personal trainer Rogerio de Aquino, 63, and his partner Dema Almeziad, 40, were acquitted of all its heart, Redinel's plan was little different to countless other insider trading scandals. As part of his job, he had access to advance information on companies, in this case upcoming large share sales that often lead to price declines when announced. That's what happened with the SGS placing, which Redinel was informed about not long before his sister shorted Korfuzis repeated this trick more than 10 times over the next year or so, continuing as the two worked from home during Covid lockdowns. With the SGS trade, Oerta and her brother made £7,747 in a little over 20 minutes. Before they were stopped by an FCA raid in March 2021, they had made almost £1 was a 'trading club to cheat the market,' according to the prosecution's lawyer, Tom the trial, 36-year-old Oerta said she made the trades based on her analysis, without knowing her brother had any insider knowledge. But the jury refused to believe that she was 'subconsciously' influenced by phone conversations across the living room, that she quickly analyzed charts and technical indicators for company names she overheard and placed profitable 38, denied involvement in the trades, at one point saying he was too busy saving what he called a 'dying fund' at Janus its case, the FCA presented evidence such as call records, data from phones and laptops, as well as a trove of WhatsApp and Telegram messages.'Check out the app urgently. Check out the other app,' one of Redinel's translated WhatsApps to his sister was sent less than a minute after he received market sensitive information about a proposed sale of £500 million worth of Hargreaves Lansdown Plc shares in February 2020. Redinel was at Janus Henderson's office at the time and referring to Telegram as the other app, according to the minute after he got the Hargreaves information, Redinel called Oerta for eight seconds — when the prosecutors say he could've passed on the company's name. Within 15 minutes, Oerta moved money between accounts and began shorting the companies traded included vehicle manufacturer Daimler Truck Holding AG, budget airline Jet2 Plc and pharmaceutical firm Dermapharm Holding SE. Janus Henderson wasn't accused of any wrongdoing.'He was in truth the king of stocks. She the enthusiastic apprentice,' Forster said during the to prosecutors, British national de Aquino and his Saudi fiance were 'secret proxies' for the trading syndicate and handled 'dirty cash.'Both had pleaded not guilty and maintained they didn't know Redinel had insider information. They didn't testify during the make the bets, Redinel helped de Aquino and Almeziad open trading accounts. De Aquino had told police that they were 'two idiots' who were hoodwinked by made about £430,000 from the trades, while de Aquino and his girlfriend raked in £135,000. Another trading account controlled by the siblings posted £408, siblings claimed to have never discussed the trading or the massive profits with each other. The prosecution saw it differently.'The truth is for the residents of Brunswick House there was never going to be enough money,' Forster said. 'Arrogance, pride, entitlement and greed drove them on – and it has ruined them.'
Time of India
11 hours ago
- Business
- Time of India
Insider trading siblings used lockdown to make £1 million
Before the market opened on Feb. 4, 2020, traders were watching Swiss testing company SGS SA, waiting for its shares to drop. Overnight it had been announced that the Von Finck family were going to sell 2.3 billion francs ($2.8 billion) of their holding. That's a huge chunk of stock for buyers to absorb, and the price fell the most in nearly five years. 'Stay ready,' Janus Henderson Group Plc analyst Redinel Korfuzi wrote in a message to his sister Oerta in their native Albanian, 55 seconds after the bell that day. Two minutes later, from the mutual fund giant's office in Bishopsgate, London, he messaged again: 'Stay ready because we have to close it if needed.' His sister was in the cramped living room of the flat they shared in Marylebone. The day before, she had opened two highly-leveraged short positions. With a little over £10,000 ($13,400) of equity, she had amassed a position with an initial notional volume of more than £150,000, wagering that SGS's stock would fall. Live Events With no answer from Oerta, her brother messaged again, and called her, finally getting through at 8:04 a.m. 'Open the platform and stay ready,' he said on WhatsApp shortly after an eight-second call. Finally, his sister responded: 'Gati Ikam' or, in English, 'I have them ready.' The exchange is just one of several that the UK's Financial Conduct Authority argued at a London trial was clear evidence of trading on insider information. On Thursday, a jury at Southwark Crown Court agreed, finding the two guilty of insider dealing and money laundering. Two others, Redinel's personal trainer Rogerio de Aquino, 63, and his partner Dema Almeziad, 40, were acquitted of all charges. At its heart, Redinel's plan was little different to countless other insider trading scandals. As part of his job, he had access to advance information on companies, in this case upcoming large share sales that often lead to price declines when announced. That's what happened with the SGS placing, which Redinel was informed about not long before his sister shorted it. The Korfuzis repeated this trick more than 10 times over the next year or so, continuing as the two worked from home during Covid lockdowns. With the SGS trade, Oerta and her brother made £7,747 in a little over 20 minutes. Before they were stopped by an FCA raid in March 2021, they had made almost £1 million. It was a 'trading club to cheat the market,' according to the prosecution's lawyer, Tom Forster. During the trial, 36-year-old Oerta said she made the trades based on her analysis, without knowing her brother had any insider knowledge. But the jury refused to believe that she was 'subconsciously' influenced by phone conversations across the living room, that she quickly analyzed charts and technical indicators for company names she overheard and placed profitable bets. Redinel, 38, denied involvement in the trades, at one point saying he was too busy saving what he called a 'dying fund' at Janus Henderson. Bloomberg In its case, the FCA presented evidence such as call records, data from phones and laptops, as well as a trove of WhatsApp and Telegram messages. 'Check out the app urgently. Check out the other app,' one of Redinel's translated WhatsApps to his sister said. That was sent less than a minute after he received market sensitive information about a proposed sale of £500 million worth of Hargreaves Lansdown Plc shares in February 2020. Redinel was at Janus Henderson's office at the time and referring to Telegram as the other app, according to the prosecutors. One minute after he got the Hargreaves information, Redinel called Oerta for eight seconds — when the prosecutors say he could've passed on the company's name. Within 15 minutes, Oerta moved money between accounts and began shorting the shares. Other companies traded included vehicle manufacturer Daimler Truck Holding AG, budget airline Jet2 Plc and pharmaceutical firm Dermapharm Holding SE. Janus Henderson wasn't accused of any wrongdoing. 'He was in truth the king of stocks. She the enthusiastic apprentice,' Forster said during the trial. 'Two Idiots' According to prosecutors, British national de Aquino and his Saudi fiance were 'secret proxies' for the trading syndicate and handled 'dirty cash.' Both had pleaded not guilty and maintained they didn't know Redinel had insider information. They didn't testify during the trial. To make the bets, Redinel helped de Aquino and Almeziad open trading accounts. De Aquino had told police that they were 'two idiots' who were hoodwinked by him. Oerta made about £430,000 from the trades, while de Aquino and his girlfriend raked in £135,000. Another trading account controlled by the siblings posted £408,000. The siblings claimed to have never discussed the trading or the massive profits with each other. The prosecution saw it differently. 'The truth is for the residents of Brunswick House there was never going to be enough money,' Forster said. 'Arrogance, pride, entitlement and greed drove them on – and it has ruined them.'
Bloomberg
11 hours ago
- Business
- Bloomberg
Insider Trading Siblings Used Lockdown to Make £1 Million
Before the market opened on Feb. 4, 2020, traders were watching Swiss testing company SGS SA, waiting for its shares to drop. Overnight it had been announced that the Von Finck family were going to sell 2.3 billion francs ($2.8 billion) of their holding. That's a huge chunk of stock for buyers to absorb, and the price fell the most in nearly five years.
The Star
a day ago
- The Star
HONOR 400 Lite FAQ: What You Need to Know
The answers are here with FAQ on its AI, Innovative New Camera Button and Incredible Affordability. The HONOR 200 Lite won hearts across SA in 2024 by delivering exactly what people needed: reliable performance, great design and excellent value. Building on that best-selling success, the HONOR 400 Lite steps up with smarter features and stronger specs, designed to fit the unique pressures and perspectives of Mzansi life. Here are the top questions you might have before making the switch: How big and heavy is the HONOR 400 Lite? The device earns its name while still making its presence felt. It measures 161mm by 74.55mm with a slim profile of just 7.29mm thickness. Weighing only 171 grams including the battery, it's light enough to carry comfortably all day. How tough is the HONOR 400 Lite device? It's built tough, featuring IP65 dust and water resistance. Plus, it holds the SGS Five-Star Drop Resistance Certification, meaning it's been tested to survive everyday knocks and bumps with confidence. What kind of display does the HONOR 400 Lite have? A bright 6.7-inch AMOLED screen delivers vibrant colours and sharp images. With a peak brightness of 3,500 nits and a 120Hz refresh rate, it remains clear and smooth even under the harsh South African sun. The screen also includes eye-care tech like 3840Hz PWM dimming and Circadian Night Display to reduce eye strain during long viewing sessions. Tell me about the processor and memory of the HONOR 400 Lite The HONOR 400 Lite runs on the powerful MediaTek Dimensity 7025-Ultra chip, combining two 2.5GHz cores with six 2.0GHz cores for smooth multitasking. You can choose between 8GB or 12GB RAM with 256GB of storage, and thanks to HONOR RAM Turbo technology, RAM can be expanded up to 24GB for seamless app switching. What cameras come with the HONOR 400 Lite device? You get a 108MP ultra-clear main rear camera (f/1.75 aperture) that excels in capturing detailed and vibrant photos, plus a 5MP ultra-wide lens (f/2.2) for sweeping shots. On the front, a 16MP camera handles selfies and video calls with sharp clarity. The AI-powered Motion Sensing Capture helps snap crisp action shots, while editing tools like AI Eraser and AI Outpainting allow for quick touch-ups without needing extra apps. How long does the HONOR 400 Lite battery last? A large 5,230mAh battery ensures your phone stays powered through busy days and night owls alike. When it's time to recharge, the 35W HONOR SuperCharge technology gets you back to full power swiftly. What software does the HONOR 400 Lite run? It operates on MagicOS 9.0, built on the latest Android 15, giving you access to smart features like AI Magic Portal, Magic Capsule notifications, and AI Translation tools for smooth communication in many languages. What connectivity options does the HONOR 400 Lite support? You'll find Wi-Fi 2.4G/5G (802.11 a/b/g/n/ac), Bluetooth 5.3 with support for high-quality audio codecs, and dual nano-SIM slots supporting NR, LTE, WCDMA, and more. Why is the AI Camera Button a big deal with HONOR 400 Lite? It's the first of its kind on an Android smartphone — a dedicated physical button that launches your camera, captures photos, records videos, and even activates Google Lens instantly, making snapping and searching a breeze. It works perfectly even if you're wearing gloves — ideal for cyclists, delivery workers, or those enjoying a braai outdoors. The HONOR 400 Lite isn't just another phone. It's a thoughtfully designed companion that keeps pace with South African lifestyles, packed with smart AI-powered features and robust specs — all without breaking the bank. Ready to see the difference for yourself? Explore more at
