On Friday, March 16, 2023, at Southwark Crown Court, Mohammed Zina was sentenced to twenty-two months in prison after being found guilty by a jury on Thursday, March 15, of six counts of insider trading and three counts of fraud.

The case was prosecuted by the Financial Conduct Authority (FCA), with Peter Carter KC leading the prosecution, assisted by Rachel Barnes KC of Raymond Buildings. This is the highest-profile case currently prosecuted by the FCA.

Insider Trading at Goldman Sachs

Mohammed Zina worked in the Conflict Resolution Group at Goldman Sachs in London, where he had access to confidential information about potential mergers and acquisitions of companies listed on the London Stock Exchange (LSE) and the Nasdaq in New York.

Between July 2016 and December 2017, Zina made a total of 46 stock purchases in six different companies using insider information regarding potential takeovers and mergers. To conceal his activities from his employer, he used three investment accounts under the names of his brother and sister, directly violating Goldman Sachs’ strict ban on such trading.

Through these transactions, he profited over £140,000. Additionally, he obtained loans through fraudulent applications to secure cash, much of which was used to finance the stock trading for which he was convicted.

Investigation, Trial, and Conviction

Zina was arrested in December 2017, following an investigation by the FCA.

The trial lasted ten weeks, and the jury returned unanimous guilty verdicts.

In sentencing him, Recorder of Westminster HH Judge Baumgartner acknowledged Zina’s generous charitable work but emphasized that good character is often a feature of insider trading cases, as offenders are typically individuals entrusted with handling highly sensitive and valuable financial information.

In his sentencing remarks, the judge stated that the insider trading offenses constituted a serious breach of trust, as well as damaging the reputation of the financial institutions involved.