The Financial Conduct Authority has commenced criminal proceedings against Mohammed Zina and Suhail Zina, following an investigation.
The UK watchdog charged the defendants with insider trading and fraud.
The FCA discovered that Mohammed Zina was an analyst at Goldman Sachs International as an analyst in the Conflicts Resolution Group in their London office. Suhail Zina served as a solicitor at Clifford Chance.
Allegedly, between 15 July 2016 and 4 December 2017, the two brothers were involved in trading in stocks of the following companies:
The UK regulator said that the two brothers made profit from insider trading in the amount of £142,000.
The fraud charges related loans Mohammed Zina and Suhail Zina from Tesco Bank totaling £95,000. The brothers stated “funding home improvements” as reasons for the loan while they actually used them to fund their trading.
The brothers are facing up to 10 years imprisonment and a fine for the fraud charges and up to 7 years and a fine for the insider trading.
Other recent warnings from the FCA can be seen below:
