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The Financial Conduct Authority (FCA) said the proceedings relate to six offences of insider dealing and three offences of fraud by false representation, making an alleged profit of 142,000 pounds ($197,834.40).
“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 FCA said in a statement.
Goldman Sachs said the protection of client confidential information is of paramount importance for the bank, and it has worked very closely with the FCA.
Clifford Chance said the employee left in 2018, declining further comment.
The FCA said the alleged offences took place between July 2016 and December 2017, and involved trading in ARM Holdings (LON:ARM), Alternative Networks, Punch Taverns, Shawbrook, HSN, and Snyder’s Lance. The fraud charges relate to three personal loans obtained from Tesco (OTC:TSCDD) Bank, totalling 95,000 pounds.
“The loans were stated to be for funding home improvements. Instead, the loans funded the alleged insider dealing,” the FCA said.
Mohammed Zina and Suhail Zina appeared at Westminster Magistrates Court on Tuesday and the case was sent to Southwark Crown Court for a plea and trial preparation hearing on 16 March, the watchdog said.
($1 = 0.7178 pounds)
