FCA starts criminal proceedings against Goldman Sachs analyst and his brother for insider trading

Photo: Leaprate

The Financial Conduct Authority has commenced criminal proceedings against Mohammed Zina and Suhail Zina, following an investigation.

The UK watchdog charged the defendants with insider trading and fraud.

The FCA discovered that Mohammed Zina was an analyst at Goldman Sachs International as an analyst in the Conflicts Resolution Group in their London office. Suhail Zina served as a solicitor at Clifford Chance.

Allegedly, between July 15, 2016 and Dec 4, 2017, the two brothers were involved in trading in stocks of the following companies:

• ARM Holdings plc
• Alternative Networks plc
• Punch Taverns plc
• Shawbrook plc
• HSN Inc
• Snyder’s Lance Inc

The UK regulator said that the two brothers made a profit from insider trading in the amount of £142,000.

The fraud charges related to loans Mohammed Zina and Suhail Zina from Tesco Bank totaling £95,000. The brothers stated “funding home improvements” as reasons for the loan while they actually used them to fund their trading.

The brothers are facing up to ten years imprisonment and a fine for the fraud charges and up to seven years and a fine for the insider trading.

Reprinted from Leaprate, the copyright all reserved by the original author.