Guilty: Former Goldman Sachs analyst Mohammed Zina was convicted on six counts of insider trading and three counts of fraud
A Former Goldman Sachs analyst has been found guilty of insider trading.
Mohammed Zina, 38, was convicted at Southwark Crown Court on six counts of insider trading and three counts of fraud. The City watchdog said the verdict in the trial, which initially included his brother, sent a ‘clear message’ to fraudsters.
As part of the Goldman Sachs conflicts resolution group, Zina had inside information over possible mergers and acquisitions that the bank was advising on.
He traded in stocks using this information between July 2016 and December 2017, making a profit of £140,486.
Among stocks he traded were Arm Holdings, Punch Taverns, Shawbrook, HSN and Snyder’s-Lance, part funded by three loans he fraudulently obtained from Tesco Bank.
The loans came to £95,000. He will be sentenced today. His brother, Suhail Zina, 36, a former Clifford Chance lawyer, was acquitted after fraud charges were dropped and there was insufficient evidence on the insider dealing charges.
Steve Smart, a joint executive director of enforcement and market oversight at the Financial Conduct Authority, said: ‘Mohammed Zina tried to cheat the market for his own personal gain by cynically trading on inside information.
‘This conviction sends a clear message that economic crime is on our radar and we will take action to uphold the integrity of UK markets.’
