By Maria Ward-Brennan
A former Goldman Sachs analyst who was found guilty of six counts of insider trading and three counts of fraud has been sentenced to 22 months in prison.
Mohammed Zina, 35, was convicted on Thursday following a 12-week trial at Southwark Crown Court and five days of jury deliberation.
The Financial Conduct Authority (FCA) commenced criminal proceedings against Zina and his brother, a former solicitor at magic circle firm Clifford Chance, Suhail Zina, in February 2021.
The offences took place between 15 July 2016 and 4 December 2017 and involved trading in the following stocks: ARM Holdings, Alternative Networks, Punch Taverns, Shawbrook, HSN, and Snyder’s Lance.
The total profit from the alleged insider dealing was approximately £142,000. The fraud charges related to three personal loans obtained from Tesco Bank, totalling £95,000.
The trial for the brothers was delayed due to the Covid pandemic. It was originally scheduled for 16 March 2021. The trial for the brothers was then re-listed after it was vacated due to barrister strike action in 2022.
At the time, both of the Zinas were granted unconditional bail.
Yesterday, Mohammed Zina was found guilty of six counts of insider trading and three counts of fraud. While his brother, Suhail Zina was acquitted on all charges several days before the trial ended.
At Southwark Crown Court on Friday morning, Mohammed Zina was sentenced by Judge Tony Baumgartner to 22 months in prison.
The FCA was contacted for comment on today’s sentencing.
