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A former Goldman Sachs analysts who has been convicted of prior knowledge and fraud trade must take up more than half a million pounds has ruled a London court.
Mohammed Zina, who was found guilty of insider and sentenced to 22 months in prison last year, was ordered to pay £ 586,711 by a judge at Southwark Crown Court on Wednesday, according to the court and the Financial Conduct Authority, who continued the case.
The court ruled that Zina had benefited from £ 1.1 million of his behavior, including trade with prior knowledge and the released of loans fraudulent from Tesco Bank. Zina was instructed to pay the amount that was available at his current assets, according to the FCA and the court reports.
Zina, 36, was continued alongside his brother, a former lawyer at the British “Magic Circle” company Clifford Chance in one of the most controversial Insider trade affairs of the FCA in recent years. A jury found Zina unanimously guilty of all nine counts of trade with prior knowledge and fraud.
Zina’s brother, Suhail Zina, was acquitted before the trial ended after the FCA had withdrawn the fraud counts against him and the court ruled that there was no case to answer.
During the trial, the jury heard how Zina had made about £ 140,000 profit of the trade on shares, including semiconductor designer and pub company Punch Taverns. His biggest profit was around £ 55,000 in profit on transactions in the American food company Snyder’s Lance.
“I can’t help but feel sorry for you, because you have thrown away, which undoubtedly was a promising career in the banking system,” said Judge Tony Baumgartner during the conviction of Zina in February last year. “Your reputation is now lost, and it is likely that you will never be familiar to work again in a position of such a responsibility.”
The Zina case was the first FCA Insider to hand over the conviction for the agency in five years, after a fallow period for the regulator that was partially affected by the COVID-19 Pandemic and judicial backlogs. The number of Insider -Handelszaken has since been picked up with a number that is currently going through the courts.
Zina has three months to pay the confiscation order. Not paying the non -paying would lead to a standard prison sentence of five years.
“Insider act damage to the integrity of our markets. In addition to the prosecution of Insider dealers, we will not allow them to retain part of their illegal profits, ”said Therese Chambers, the joint director of the FCA for enforcement and market overview, in a statement on Friday.
A lawyer for Zina did not immediately respond to a request for comments.