A former investment banker at Jefferies International and his close friend have formally denied charges of insider dealing brought by the Financial Conduct Authority (FCA), with a trial now scheduled to begin in January 2028.
The Charges and Alleged Insider Trading Scheme
The FCA initiated criminal proceedings in November 2025 against Bobosher Sharipov, 44, and Bekzod Avazov, 43. Sharipov, who was advising real estate investment trust GCP Student Living on a potential takeover, is accused of leaking confidential inside information about the deal to Avazov.
The regulator alleges that Avazov, Sharipov's friend and former flatmate, then used that privileged information to trade in GCP Student Living Plc shares and spread bets. This activity, which occurred in 2021, reportedly generated a profit of almost £70,000.
Court Appearances and Pleas Entered
Both men were initially charged with one count of insider dealing each at Westminster Magistrates' Court in November, where no plea was entered. However, during a hearing at Southwark Crown Court, both defendants entered a plea of not guilty.
The FCA's case originated from its specialist market monitoring systems, which flagged Avazov's trades as suspicious due to their timing and the profits made. The investigation also uncovered the personal connection between the two men.
Potential Penalties and Next Steps
Insider dealing is a serious criminal offence. For the period covering these alleged 2021 offences, the maximum penalty was up to 7 years' imprisonment. It is noteworthy that for offences committed on or after 1 November 2021, the maximum sentence was increased to an unlimited fine and/or up to 10 years' imprisonment.
The investment bank, Jefferies, stated it had cooperated fully with the FCA's investigation. The case will now proceed to a trial, which is set to commence in just over two years' time.
