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.”
Latest News
-
Swift and Google to use advanced AI and federated learning to tackle fraud
-
Deutsche Bank partners with Crypto.com
-
Ryanair rolls out Open Banking payment option
-
Vipps MobilePay launches alternative to Apple Pay on iPhone in world-first
-
BNY poaches deputy chief risk officer from Goldman Sachs
-
Lloyds and PayPoint launch partnership expansion serving 60,000 SMEs
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories