Brothers who worked for two of the biggest names in the City have appeared in court charged with insider trading.
Acting together Mohammed Zina, 32, and Suhail Zina, 33, are accused of having made a £142,000 profit between July 2016 and December 2017.
It is claimed Mohammed was a Goldman Sachs analyst and used his position to gather information on stocks, passing it on to his brother Suhail who was a solicitor at Clifford Chance.
Insider trading: Acting together Mohammed Zina, 32, and Suhail Zina, 33, are alleged to have made a £142,000 profit between July 2016 and December 2017
The Financial Conduct Authority said: ‘The loans were stated to be for funding home improvements. Instead, the loans funded the alleged insider dealing.’
The stocks involved included Arm Holdings, Alternative Networks, Punch Taverns, Shawbrook, HSN and Snyder’s-Lance.
Mohammed left Goldman in 2018 and his brother left Clifford Chance the same year. They were charged by the FCA with six offences of insider dealing and three counts of fraud by false representation.
At Westminster magistrates’ court yesterday Mohammed pleaded not guilty and Suhail did not enter a plea. The case has been sent to Southwark Crown Court for a hearing on March 16.
The FCA said: ‘Following an investigation the FCA has commenced criminal proceedings. Mohammed Zina was employed by Goldman Sachs as an analyst in the conflicts resolution group in their London office. Suhail Zina was a solicitor at Clifford Chance.’
Goldman Sachs said the protection of confidential client information is of paramount importance for the bank, and it has worked very closely with the FCA.
The US giant added: ‘Neither the firm nor any other current or former employee of the firm is the subject of an investigation into the matters giving rise to the proceedings.’
Insider dealing carries a penalty of up to seven years in prison and fraud carries a 10-year prison sentence.
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