A former analyst at Goldman Sachs International was found guilty of insider dealing and three counts of fraud on Thursday after a three-month trial in London.
The case, brought by the Financial Conduct Authority (FCA), stated that Mohammed Zina came into possession of inside information relating to potential mergers and acquisitions that the bank was advising on.
Between 15 July 2016 and 4 December 2017, Zina dealt in six shareholdings using this inside information: Arm Holdings plc; Alternative Networks plc; Punch Taverns plc; Shawbrook plc; HSN Inc; and Snyder’s Lance Inc.
The total profit from trading in these stocks was approximately £140,486.
The trading was partly funded by three loans, fraudulently obtained from Tesco Bank, totalling £95,000.
He will be sentenced on Friday 16 February at 10am.
“Mohammed Zina tried to cheat the market for his own personal gain by cynically trading on inside information,” said Steve Smart, joint executive director of enforcement and market oversight. “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.”
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