FCA takes banker and solicitor brothers to court over insider dealing
The FCA has commenced criminal proceedings against two brothers relating to six offences of insider dealing and three offences of fraud.
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 July 2016 and December 2017 and involved trading in the stocks of Shawbrook, amongst five other firms.
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 but instead funded the alleged insider dealing.
The brothers appeared at Westminster Magistrates’ Court today. The case was sent to Southwark Crown Court for a Plea and Trial Preparation Hearing on 16th 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.
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