Landmark BSQ Acquittal in FCA Insider Dealing Trial
BSQ’s specialist fraud defence team has secured a significant acquittal in a high-profile insider dealing and money laundering prosecution brought by the Financial Conduct Authority (FCA).
Following a three-month trial at Southwark Crown Court, Dema Almeziad was unanimously acquitted by a jury of all charges of conspiracy to commit insider dealing and money laundering.
The prosecution alleged that Ms Almeziad, along with her partner Rogerio D’Aquino, conspired with Redinel Korfuzi, a senior trader at Janus Henderson, to engage in illegal insider trading activity between 17 December 2018 and 25 March 2020. The case took several years to reach trial following an extensive investigation and was further delayed due to post-COVID trial listing backlogs within the Crown Court system.
The FCA’s case centred on accusations that Mr Korfuzi, who was convicted on both counts, used confidential market-sensitive information to place profitable trades through contracts for difference (CFDs)—financial instruments used to bet on share price movements ahead of public disclosures.
BSQ’s Defence Strategy
The jury heard that Ms Almeziad had no financial services background and no expertise in stock trading or financial markets. She and Mr D’Aquino told police they had been completely unaware of Mr Korfuzi’s alleged misconduct and believed they were participating in a legitimate investment scheme.
BSQ partner Roger Sahota acted as lead solicitor for Ms Almeziad throughout the case, working alongside BSQ partner Daniel Godden. Both specialise in complex financial crime. Counsel instructed were Richard Thomas KC of Doughty Street Chambers and Tarquin McCalla.
Mr Sahota had initially been instructed by both Mr D’Aquino and Ms Almeziad and coordinated separate legal representation for them.
Comment from Roger Sahota
“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.
We hope the FCA will take greater care before prosecuting people who, like our client, were simply misled by others.”
Roger was quoted in the Financial Times, Times, Bloomberg and Reuters following the trial.
Context
Acquittals in FCA insider dealing prosecutions are exceptionally rare, particularly as very few prosecutions proceed to trial. The outcome represents a notable result and comes amid an uptick in FCA enforcement activity targeting insider dealing in recent years.
BSQ are aware of a number of ongoing insider dealing FCA investigations and are currently advising several professionals within the financial services industry who are under FCA investigation for suspected market abuse and insider trading.
Under UK law:
Insider dealing is an offence under section 52(1) of the Criminal Justice Act 1993 and carries a maximum penalty of 7 years’ imprisonment.
Money laundering, as defined under section 327 of the Proceeds of Crime Act 2002, is punishable by up to 14 years’ imprisonment.
Janus Henderson, the employer of Mr Korfuzi, fully cooperated with the FCA investigation
How BSQ Can Help
If you are under investigation or have been charged in connection with insider dealing, market abuse, or any other alleged misconduct in the financial services sector, early legal advice is essential. Our financial crime and insider dealing solicitors have extensive experience in serious fraud, FCA investigations, and financial crime.
Please contact our London offices on 0203 858 0851 if you require assistance with an insider dealing case.