Former Goldman analyst used insider info to make £140,000, court told

A former analyst at Goldman Sachs made more than £140,000 from shares in listed companies by using confidential information, a London court has been told.

Prosecutor Peter Carter told the court that Mohammed Zina, a former member of Goldman Sachs International’s London-based conflicts resolution group who is facing six charges of insider dealing, and his brother Suhail "used information which they should not have used – because it was private, confidential, price-sensitive information – to gamble effectively, to invest on the stock exchange".

Suhail, a former lawyer at Clifford Chance, is accused of letting his brother use a trading account in his name to buy and sell shares between mid-2016 to late 2017.

Carter added that the use of confidential information acquired by the bank or its employees is strictly forbidden by Goldman policies and that “to breach a confidence or to use confidential information improperly or carelessly would be unthinkable.”

In addition to the six charges of insider dealing, the pair face a further three counts of fraud related to loans obtained from Tesco Bank. These loans, prosecutors said, were used for trading instead of their agreed upon purpose of home improvement.

Both brothers have pleaded guilty to all nine charges.

The trial is expected to conclude in February.



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