Former Goldman Sachs Analyst Receives 22-Month Jail Term for Insider Dealing
Mohammed Zina, a former analyst at Goldman Sachs International in London, was sentenced to 22 months in prison for insider dealing, following a trial in a London court.
Zina, 35, used confidential information from his position at Goldman Sachs to purchase shares in six companies, including Arm, ahead of its acquisition by SoftBank. Prosecutors stated that he made over £140,000 ($175,650) from these trades between July 2016 and December 2017.
Despite pleading not guilty, Zina was convicted on nine charges, including insider dealing and fraud related to loans used to buy shares. Judge Tony Baumgartner condemned Zina’s actions, emphasizing the breach of trust and the impact on market integrity.
Zina’s brother, Suhail Zina, also faced charges but was acquitted earlier in the trial. Both brothers had worked in prestigious positions, Mohammed at Goldman Sachs and Suhail at Clifford Chance.
In response to the verdict, a spokesperson for Goldman Sachs expressed zero tolerance for such misconduct, emphasizing the importance of trust and integrity in financial markets. The UK Financial Conduct Authority, which prosecuted the case, highlighted the significance of upholding market integrity.
Prosecutors outlined during the trial that Zina had utilized sensitive, confidential information in violation of Goldman Sachs’ internal policies and legal regulations governing insider trading.
