Following an investigation by the Financial Conduct Authority, the FCA has commenced criminal proceedings against Mohammed Zina and Suhail Zina. The proceedings relate to six offences of insider dealing, contrary to section 52(1) of the Criminal Justice Act 1993, and three offences of fraud by false representation, contrary to section 1 of the Fraud Act 2006.
Mohammed Zina was employed by Goldman Sachs International as an analyst in the Conflicts Resolution Group in their London office. Suhail Zina was a solicitor at Clifford Chance, also in London.
The alleged offending took place between 15 July 2016 and 4 December 2017 and involved trading in the following stocks:
- ARM Holdings plc
- Alternative Networks plc
- Punch Taverns plc
- Shawbrook plc
- HSN Inc
- Snyder’s Lance Inc
The total profit from the alleged insider dealing was approximately £142,000. The fraud charges relate to three personal loans obtained from Tesco Bank, totalling £95,000. The loans were stated to be for funding home improvements. Instead, the loans funded the alleged insider dealing. Mohammed Zina and Suhail Zina appeared at Westminster Magistrates’ Court on 16 February 2021. The case was sent to Southwark Crown Court for a Plea and Trial Preparation Hearing on 16 March 2021.
Fraud is punishable by a fine and/or up to 10 years’ imprisonment. Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment.