The UK’s financial markets watchdog has commenced criminal proceedings against a former Goldman Sachs analyst and his brother, accusing them of insider trading.
The Financial Conduct Authority (FCA) alleged that the brothers are guilty of six offences of insider dealing and three offences of false representation.
The regulator states that Mohammed Zina was previously employed by Goldman Sachs International as an analyst while his brother Suhail Zina was a solicitor at Clifford Chance.
The two broke the Criminal Justice Act 1993 on six occasions between July 2016 and December 2017, according to the City watchdog.
The stocks involved in the case are: ARM Holdings, Alternative Networks, Punch Taverns, Shawbrook, HSN and Snyder’s Lance.
The profits from the alleged insider dealing totalled about £142,000, the FCA estimated.
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, the FCA claims.
Mohammed Zina and Suhail Zina appeared at Westminster Magistrates’ Court on 16 February 2021. The case was sent to Southwark Crown Court for a plea and trial preparation hearing on 16 March 2021.
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