Latest news with #insidertrading
The Independent
9 hours ago
- Business
- The Independent
Brother and sister guilty of £1m insider trading over Jet2 and Daimler shares
A former research analyst at the investment firm Janus Henderson has been found guilty of insider trading after making around £1m during the Covid lockdown, along with his sister. Redinel Korfuzi and his sibling Oerta Korfuzi were charged by the Financial Conduct Authority (FCA) with conspiracy to commit insider dealing and money laundering, between January 2019 and March 2021, and were found guilty at Southwark Crown Court after pleading not guilty. Mr Korfuzi was accused of using confidential information gathered during his work to place a particular type of complex trade, called Contracts for Difference (CFDs), through accounts owned by his sister and two other co-defendants. In this manner, Mr Korfuzi made £963,000 in around six months and was 'was at the absolute centre' of matters, said the prosecutor, benefitting from share price changes of at least 13 companies including Jet2, Daimler and THG. Their trading was detected by FCA market monitoring systems, despite Mr Korfuzi's apparent efforts to hide his involvement. The brother and sister were also convicted of money laundering, with the FCA saying they received money from the proceeds of crime, with more than 176 cash deposits totalling over £198,000. The source of that money was unrelated to charges of insider dealing. Insider trading is punishable by up to ten years in prison, but these charges predate a rule change increasing that time, meaning the pair face a maximum of seven years and/or a fine. For money laundering, a fine and/or up to 14 years imprisonment is the maximum. His Honour Judge Milne told the pair on Thursday: 'These are serious matters of which you've been convicted and the sentences will reflect that.' 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.' Mr and Ms Korfuzi are set to be sentenced on 4 July and the FCA are also to apply for confiscation orders to recover the proceeds of crime. The jury cleared their two co-defendants, Rogerio de Aquino - Mr Korfuzi's personal trainer - and Dema Almeziad - Mr Korfuzi's partner - of both charges. Their accounts were also used to place trades but they said in statements they had been 'hoodwinked' and 'duped'. Ms Almeziad's lawyer Roger Sahota said in a statement: 'This case should never have been brought. There was no evidence that Ms Almeziad knew anything about insider dealing and it is wrong to expect ordinary people to understand or spot complex financial conduct that even professionals struggle with.' Janus Henderson was not involved in the case or accused of wrongdoing.
Yahoo
14 hours ago
- Business
- Yahoo
Chariot Insiders Placed Bullish Bets Worth US$569.1k
Multiple insiders secured a larger position in Chariot Limited (LON:CHAR) shares over the last 12 months. This is reassuring as this suggests that insiders have increased optimism about the company's prospects. Although we don't think shareholders should simply follow insider transactions, we do think it is perfectly logical to keep tabs on what insiders are doing. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. The Co-Founder Adonis Pouroulis made the biggest insider purchase in the last 12 months. That single transaction was for UK£503k worth of shares at a price of UK£0.065 each. That means that even when the share price was higher than UK£0.014 (the recent price), an insider wanted to purchase shares. Their view may have changed since then, but at least it shows they felt optimistic at the time. We always take careful note of the price insiders pay when purchasing shares. It is generally more encouraging if they paid above the current price, as it suggests they saw value, even at higher levels. Happily, we note that in the last year insiders paid UK£569k for 8.83m shares. But insiders sold 105.94k shares worth UK£2.2k. In total, Chariot insiders bought more than they sold over the last year. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction! View our latest analysis for Chariot There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of undervalued small cap companies that insiders are buying. For a common shareholder, it is worth checking how many shares are held by company insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. Insiders own 11% of Chariot shares, worth about UK£2.6m, according to our data. However, it's possible that insiders might have an indirect interest through a more complex structure. We do generally prefer see higher levels of insider ownership. It doesn't really mean much that no insider has traded Chariot shares in the last quarter. However, our analysis of transactions over the last year is heartening. We'd like to see bigger individual holdings. However, we don't see anything to make us think Chariot insiders are doubting the company. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. Every company has risks, and we've spotted 6 warning signs for Chariot (of which 3 can't be ignored!) you should know about. If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
This Australian Agricultural Insider Increased Their Holding In The Last Year
From what we can see, insiders were net buyers in Australian Agricultural Company Limited's (ASX:AAC ) during the past 12 months. That is, insiders acquired the stock in greater numbers than they sold it. Although we don't think shareholders should simply follow insider transactions, logic dictates you should pay some attention to whether insiders are buying or selling shares. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. The insider John Andrew Forrest made the biggest insider purchase in the last 12 months. That single transaction was for AU$16m worth of shares at a price of AU$1.39 each. That means that an insider was happy to buy shares at around the current price of AU$1.39. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. While we always like to see insider buying, it's less meaningful if the purchases were made at much lower prices, as the opportunity they saw may have passed. Happily, the Australian Agricultural insider decided to buy shares at close to current prices. John Andrew Forrest was the only individual insider to buy shares in the last twelve months. John Andrew Forrest bought 17.39m shares over the last 12 months at an average price of AU$1.39. The chart below shows insider transactions (by companies and individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! Check out our latest analysis for Australian Agricultural Australian Agricultural is not the only stock insiders are buying. So take a peek at this free list of under-the-radar companies with insider buying. Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. It's great to see that Australian Agricultural insiders own 76% of the company, worth about AU$640m. Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders. There haven't been any insider transactions in the last three months -- that doesn't mean much. On a brighter note, the transactions over the last year are encouraging. Judging from their transactions, and high insider ownership, Australian Agricultural insiders feel good about the company's future. Therefore, you should definitely take a look at this FREE report showing analyst forecasts for Australian Agricultural. But note: Australian Agricultural may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. — Investing narratives with Fair Values Vita Life Sciences Set for a 12.72% Revenue Growth While Tackling Operational Challenges By Robbo – Community Contributor Fair Value Estimated: A$2.42 · 0.1% Overvalued Vossloh rides a €500 billion wave to boost growth and earnings in the next decade By Chris1 – Community Contributor Fair Value Estimated: €78.41 · 0.1% Overvalued Intuitive Surgical Will Transform Healthcare with 12% Revenue Growth By Unike – Community Contributor Fair Value Estimated: $325.55 · 0.6% Undervalued View more featured narratives — Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
a day ago
- Business
- Bloomberg
Ex-Janus Henderson Analyst Found Guilty of WFH Insider Dealing
A former Janus Henderson Group Plc analyst and his sister were found guilty of running an insider trading ring from a London flat while working from home during the coronavirus lockdowns. Redinel and Oerta Korfuzi, were both found guilty by a London jury of conspiring to use insider information while trading, and money laundering. Redinel, 38, used confidential information about companies issuing new equity to time leveraged short trades between 2020 and 2021.
Reuters
a day ago
- Business
- Reuters
Ex-Janus Henderson analyst found guilty of insider dealing in UK
LONDON, June 19 (Reuters) - A former Janus Henderson analyst was on Thursday found guilty of using confidential information on companies including Daimler, Jet2 and THG to make nearly 1 million pounds ($1.3 million) after a London court trial. Redinel Korfuzi, 38, was accused of using information he accessed through his job as a research analyst at the asset manager to trade using accounts held by his sister Oerta Korfuzi, 36, and two other co-defendants. The siblings stood trial at Southwark Crown Court with Redinel Korfuzi's personal trainer Rogerio de Aquino, 63, and de Aquino's partner Dema Almeziad, 40, who prosecutors said were "secret proxies" for the insider trading. The four were each charged with conspiracy to commit insider dealing and money laundering between January 2019 and March 2021, with prosecutors alleging they used lockdown restrictions imposed from March 2020 to carry out the criminal trades. Redinel and Oerta Korfuzi were each convicted of both charges by a jury, while de Aquino and Almeziad were cleared of both charges.
