Ex-goldman banker found guilty of insider trading
A FORMER Goldman Sachs analyst who used a Tesco Bank loan to fund insider trading is facing jail.
Mohammed Zina, who worked as an analyst in the investment bank’s Conflict Resolution Group, committed offences between July 2016 and December 2017.
Zina had knowledge of inside information relating to companies that the bank was advising.
A court heard that Zina, 35, illegally traded stocks in chip designer Arm, pubs group Punch Taverns and bank Shawbrook using sensitive information.
He also traded in three other stocks, Alternative Networks, HSN and Snyder’s-lance.
Zina’s total profit was £140,486, according to the Financial Conduct Authority ( FCA), which brought the case.
He used three loans worth more than £95,000 from Tesco Bank to fund the trading, having allegedly claimed the cash was for home improvements.
Zina, who denied wrongdoing, was found guilty of insider trading and fraud after a 12-week trial at London’s Southwark Crown Court.
Peter Carter KC said Zina had used price-sensitive information to effectively gamble and invest on the stock exchange. He said: “That is not allowed.” FCA joint executive director of enforcement Steve Smart said: “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.”
Judge Baumgartner remanded Zina in custody ahead of sentencing today.
A Goldman Sachs spokesman said: “Mohammed Zina betrayed the trust we placed in him and his misuse of client information was in direct contradiction of our values. We have zero tolerance for this conduct.”