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Inside the scandal: Goldman Sachs analyst's insider trading uncovered!


Goldman Sachs analyst's insider trading uncovered

Mohammed Zina, a former analyst at Goldman Sachs International in London, aged 35, was convicted on Thursday of utilizing insider knowledge to purchase shares in various publicly traded companies.


This activity resulted in gains exceeding £140,000 ($175,650). Prosecutors detailed that Zina engaged in this behavior between July 2016 and December 2017, investing in six different companies, including Arm. He had prior knowledge of Arm's impending $32 billion acquisition by SoftBank.


During the trial at Southwark Crown Court in London, Zina faced six charges of insider dealing and three counts of fraud. These charges alleged that he misled Tesco Bank regarding the purpose of loans, which were purportedly utilized to acquire shares. Despite pleading not guilty, he was convicted on all nine counts. Zina's sentencing is scheduled for Friday.



The UK Financial Conduct Authority (FCA) was responsible for prosecuting Zina. The authority expressed satisfaction with the verdict, emphasizing their commitment to maintaining the integrity of the UK markets. A spokesperson for Goldman Sachs denounced Zina's actions, stating that they contradicted the firm's values and constituted a betrayal of trust.


Zina's brother, Suhail Zina, who previously worked as an associate at Clifford Chance, also faced charges but was acquitted of all counts on February 5. Clifford Chance declined to comment on the matter.



Prosecutor Peter Carter informed the jury at the trial's commencement that Mohammed Zina had exploited "private, confidential, price-sensitive information" to engage in stock market investments. Carter emphasized that Goldman Sachs strictly prohibits the use of confidential information by its employees, underscoring the seriousness of Zina's misconduct as we read in Reuters.


15.02.2024



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