Goldman bank analyst charged with insider trading, along with his brother
Mohammed Zina and Suhail Zina were charged over trading in six stocks, the UK's Financial Conduct Authority says
A former Goldman Sachs analyst and his brother, a lawyer at a top London law firm, were charged with insider trading by UK financial prosecutors.
The pair, Mohammed Zina and Suhail Zina, were charged over trading in six stocks, the Financial Conduct Authority said in a statement on Tuesday. Suhail Zina was a junior solicitor at Clifford Chance.
Mohammed Zina, who worked as an analyst at the bank’s unit that checks for business conflicts, pleaded not guilty at a London court, an FCA spokesperson said. He left Goldman Sachs in 2018. Suhail left Clifford Chance the same year.
The total profit from the alleged trading by the brothers was £142,000, the FCA said. The companies included ARM Holdings, Alternative Networks and Punch Taverns.
The brothers appeared at a London court on Tuesday morning, where the case was transferred to a higher tribunal for a plea hearing on March 16. Lawyers for the men declined to immediately comment.
The FCA also brought fraud charges relating to three personal loans obtained from Tesco Bank, totalling 95,000 pounds. The loans were said to be for funding home improvements, but were instead used to fund the alleged insider dealing, according to the regulator.
Goldman Sachs said in a statement that it co-operated with the FCA’s probe and that the firm itself wasn’t under investigation. A spokesperson for Clifford Chance declined to comment.
The charges are the FCA’s first against an employee at an investment bank since the conviction of a former UBS compliance officer and a day trader in 2019.
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