THE UK's financial watchdog has launched criminal proceedings against five individuals over claims they used insider information from an analyst at a top asset manager to illegally generate profits of £1.5m.

The Financial Conduct Authority (FCA) claims Redinel Korfuzi, a former analyst at asset manager

Janus Henderson, and his associates allegedly used confidential information from Korfuzi to make insider trades, generating profits of approximately £1.5m.

Kofuzi's associates used a network of 49 companies to profit on the insider information by trading on Contracts for Difference derivative products, the FCA said in a statement.

All five individuals were also charged with money laundering offences.

All of the individuals involved in the case have indicated not guilty pleas. The case is set to appear at Southwark Crown Court on 22 February.

The FCA said Janus Henderson had fully cooperated with its investigation. City A.M. approached Janus Henderson for comment.

(c) 2023 City A.M., source Newspaper