The FCA has secured a confiscation order of £586,711.01 against Mohammed Zina, a convicted insider dealer.
The order must be paid within 3 months, or Mr Zina will face a further 5 years in prison. The confiscation order amounts to all of Mr Zina’s available assets.
Therese Chambers, the FCA’s joint executive director of enforcement and market oversight said: ‘Insider dealing harms the integrity of our markets. As well as prosecuting insider dealers, we will not allow them to keep any part of their illicit profits. We have confiscated the entirety of Mr Zina’s assets, demonstrating that crime does not pay.’
Between 2014 and December 2017, Mohammed Zina worked as an analyst at Goldman Sachs International (Goldman Sachs), joining its Conflicts Resolutions Group in 2016. In that role he came into possession of inside information relating to potential mergers and acquisitions his employer was advising on.
Between 15 July 2016 and 4 December 2017, Mr Zina dealt in 6 shareholdings using this inside information. The total returns from trading in these stocks was approximately £140,486.
The trading was partly funded by 3 loans, fraudulently obtained from Tesco Bank, totalling £95,000.
In February 2023, Mr Zina was convicted of all 9 offences and sentenced to 22 months’ imprisonment.