The Financial Conduct Authority (FCA ) has secured a
confiscation order against Mohammed Zina, a convicted insider dealer. The order
amounts to £586,711.01, which covers all of Zina’s available assets.
The order, issued on 29 January 2025, must be paid within
three months. If Zina fails to comply, he will face an additional five years in
prison.
Regulator Confiscates Assets from Insider Dealer
Therese Chambers, the FCA’s joint executive director of
enforcement and market oversight, emphasized that insider dealing undermines
market integrity. She also stated that the FCA aims to prevent convicted
individuals from retaining any illicit profits.
Zina worked as an analyst at Goldman Sachs International
between 2014 and December 2017. He joined the company’s Conflicts Resolutions
Group in 2016, where he gained access to confidential information about
potential mergers and acquisitions. Between July 2016 and December 2017, Zina used this information to trade in six
stocks, generating returns of around £140,486.
“Crime Does Not Pay”
To finance the trades, Zina fraudulently obtained three
loans from Tesco Bank, totaling £95,000. In February 2023, Zina was convicted
on nine counts related to insider dealing and sentenced to 22 months in prison.
Mohammed Zina was prosecuted alongside his brother Suhail Zina, a former lawyer at UK “magic circle” firm Clifford Chance in one of the FCA’s most high-profile insider dealing cases in recent yearshttps://t.co/NAWtjUd1Z2
— Clever Hedge (@cleverhedge) January 31, 2025
“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,” Chambers commented.
FCA Reduces Enforcement Timelines
The FCA
has outlined a five-year plan aimed at enhancing efficiency, tackling
financial crime, and empowering consumers. The regulator is streamlining
enforcement timelines, with recent cases closing in 13 months, down from 42
months, as reported by Finance
Magnates.
FCA Chief Operating Officer Emily Shepperd highlighted a
focus on innovation and leveraging technology, including data analytics, to
improve outcomes. The plan also emphasizes strengthening consumer confidence
and supporting the UK’s financial services sector, which contributes £278
billion to the economy.
The Financial Conduct Authority (FCA ) has secured a
confiscation order against Mohammed Zina, a convicted insider dealer. The order
amounts to £586,711.01, which covers all of Zina’s available assets.
The order, issued on 29 January 2025, must be paid within
three months. If Zina fails to comply, he will face an additional five years in
prison.
Regulator Confiscates Assets from Insider Dealer
Therese Chambers, the FCA’s joint executive director of
enforcement and market oversight, emphasized that insider dealing undermines
market integrity. She also stated that the FCA aims to prevent convicted
individuals from retaining any illicit profits.
Zina worked as an analyst at Goldman Sachs International
between 2014 and December 2017. He joined the company’s Conflicts Resolutions
Group in 2016, where he gained access to confidential information about
potential mergers and acquisitions. Between July 2016 and December 2017, Zina used this information to trade in six
stocks, generating returns of around £140,486.
“Crime Does Not Pay”
To finance the trades, Zina fraudulently obtained three
loans from Tesco Bank, totaling £95,000. In February 2023, Zina was convicted
on nine counts related to insider dealing and sentenced to 22 months in prison.
Mohammed Zina was prosecuted alongside his brother Suhail Zina, a former lawyer at UK “magic circle” firm Clifford Chance in one of the FCA’s most high-profile insider dealing cases in recent yearshttps://t.co/NAWtjUd1Z2
— Clever Hedge (@cleverhedge) January 31, 2025
“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,” Chambers commented.
FCA Reduces Enforcement Timelines
The FCA
has outlined a five-year plan aimed at enhancing efficiency, tackling
financial crime, and empowering consumers. The regulator is streamlining
enforcement timelines, with recent cases closing in 13 months, down from 42
months, as reported by Finance
Magnates.
FCA Chief Operating Officer Emily Shepperd highlighted a
focus on innovation and leveraging technology, including data analytics, to
improve outcomes. The plan also emphasizes strengthening consumer confidence
and supporting the UK’s financial services sector, which contributes £278
billion to the economy.
This post is originally published on FINANCEMAGNATES.
