FCA launches criminal proceedings against ex-Goldman Sachs analyst and his brother
The UK Financial Conduct Authority (FCA) today announces that it has launched criminal proceedings against Mohammed Zina and Suhail Zina. The action relates to six offences of insider dealing, contrary to section 52(1) of the Criminal Justice Act 1993, and three offences of fraud by false representation, contrary to section 1 of the Fraud Act 2006.
Mohammed Zina was employed by Goldman Sachs International as an analyst in the Conflicts Resolution Group in their London office. His brother – Suhail Zina, was a solicitor at Clifford Chance, also in London.
The alleged offending took place between 15 July 2016 and 4 December 2017. It involved trading in the following stocks:
- ARM Holdings plc
- Alternative Networks plc
- Punch Taverns plc
- Shawbrook plc
- HSN Inc
- Snyder’s Lance Inc
The total profit from the alleged insider dealing was approximately £142,000, the regulator estimates.
The fraud charges relate to three personal loans obtained from Tesco Bank, totalling £95,000. The loans were stated to be for funding home improvements. Instead, the loans funded the alleged insider dealing.
Mohammed Zina and Suhail Zina appeared at Westminster Magistrates’ Court on February 16, 2021. The case was sent to Southwark Crown Court for a Plea and Trial Preparation Hearing on March 16, 2021.
The FCA explains that fraud is punishable by a fine and/or a sentence of up to 10 years of imprisonment. Insider dealing is punishable by a fine and/or a sentence up to 7 years of imprisonment.