Former Goldman Sachs analyst and brother face trial over insider dealing

A former Goldman Sachs analyst and his lawyer brother will face a jury trial on insider dealing and fraud charges in April next year.

The Financial Conduct Authority accuses the brothers — Mohammed Zina, 32, who was an analyst for the investment bank’s conflict resolution group in London; and Suhail, 33, who was a solicitor at law firm Clifford Chance — of making £142,000 in profit from trading six stocks using insider information, including Arm Holdings and Punch Taverns, between July 2016 and December 2017.

The watchdog also alleges that the brothers defrauded Tesco Bank out of £95,000 through three loans purportedly for home improvements. The FCA maintains that the loans went to fund the pair’s alleged insider trading.

Judge Deborah Taylor set an April 2022 trial date at London’s Southwark Crown Court on Tuesday. 

The brothers are set to enter a plea to the charges in June. Mohammed Zina has previously indicated that he will plead not guilty. The defendants did not have to appear in person in court on Tuesday.

Fraud carries a maximum sentence of 10 years in prison, while insider trading carries a maximum seven-year penalty.

Both the brothers left their respective roles in 2018. Goldman Sachs previously said in a statement that it was not subject to an FCA investigation over the alleged wrongdoing.