The Financial Conduct Authority (FCA) has secured a confiscation order of over £586,000 against convicted insider dealer, Mohammed Zina.
The regulator has stated that the order must be paid within three months, or Zina will face a further five years in prison. If he does serve this prison sentence, he would still be liable to pay the order in full, with interest, once released.
The confiscation order amounts to all of Zina’s available assets.
Between 2014 and December 2017, Zina worked as an analyst at Goldman Sachs International, joining its conflicts resolutions group in 2016.
In this role, he came into possession of insider information relating to potential mergers and acquisitions his employer was advising on.
Between July 2016 and December 2017, Zina dealt in six shareholdings using this inside information.
The total returns from trading in these stocks was approximately £140,000.
The trading was partly funded by three loans, fraudulently obtained from Tesco Bank, totalling £95,000.
In February 2023, Zina was convicted of all nine offences and was sentenced to 22 months’ imprisonment.
Joint executive director of enforcement and market oversight, Therese Chambers, said: "Insider dealing harms the integrity of our markets. As well as prosecuting insider dealers, we will not allow them to keep any part of their illicit profits. We have confiscated the entirety of Zina’s assets, demonstrating that crime does not pay."
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