Guilty: Former Goldman Sachs analyst Mohammed Zina was convicted of 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 of six counts of insider trading and three counts of fraud. The city watchdog said the trial verdict, which initially included his brother, sent a “clear message” to scammers.
As part of Goldman Sachs’ dispute resolution group, Zina had inside information about potential mergers and acquisitions that the bank was advising on.
He traded shares using this information between July 2016 and December 2017, making a profit of £140,486.
Among the shares he traded were Arm Holdings, Punch Taverns, Shawbrook, HSN and Snyder’s-Lance, financed in part by three loans he fraudulently obtained from Tesco Bank.
The loans amounted 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 insider trading charges.
Steve Smart, deputy executive director of enforcement and market oversight at the Financial Conduct Authority, said: ‘Mohammed Zina attempted to mislead the market for his personal benefit by cynically trading inside information.
“This conviction sends a clear message that economic crime is on our radar and that we will take action to defend the integrity of the UK markets.”