Ex-Jefferies banker pleads not guilty in FCA insider dealing case
A former banker at investment bank Jefferies pleaded not guilty to one count of insider dealing ahead of a trial listed for January 2028.
The Financial Conduct Authority (FCA) revealed in November that it started criminal proceedings against Bobosher Sharipov, 44, and Bekzod Avazov, 43, for alleged insider dealing.
Sharipov worked at investment bank Jefferies International and advised real estate investment trust GCP Student Living on a potential takeover.
But the FCA charged Sharipov with leaking confidential inside information about the takeover to his close friend and business associate, Bekzod Avazov, who is also accused of using that confidential information to trade in GCP Student Living Plc shares and spread bets, making a profit of almost £70,000.
The alleged offence took place in 2021, when FCA’s specialist market monitoring systems identified Avazov’s trades as suspicious due to their timing and profits.
The City watchdog also uncovered that Sharipov and Avazov were former flatmates.
Jefferies had cooperated fully with the FCA’s investigation.
Both men were charged at Westminster Magistrates’ Court in November with one count of insider dealing each, but no plea was entered.
On Wednesday, Sharipov and Avazov appeared at Southwark Crown Court and pleaded not guilty to one count of insider dealing. The trial has been scheduled to begin in January 2028.
In a statement to the press, Avazov said: “I categorically deny the allegations brought by the Financial Conduct Authority. Working with my legal team, I will be vigorously contesting them. I am confident I will be fully exonerated. As legal proceedings are underway, it would be inappropriate for me to comment further.”
Insider dealing is punishable by up to 7 years’ imprisonment for offences that occurred during the period of these alleged offences. For offences committed on or after 1 November 2021, the maximum sentence for insider dealing is a fine and/or up to 10 years’ imprisonment.