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.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
CHL Mortgages
CHL enhances bridging range with AVMs and enhanced adverse credit criteria
Housing Market
July housing transactions dip 2% amid 'cautious market': HMRC
