The UK’s Financial Conduct Authority (FCA) alleges that a former Goldman Sachs Group Inc. analyst, Mohammed Zina, and his attorney brother, Suhail Zina, engaged in insider trading with six different stocks, according to Bloomberg Law.
Prosecutors claim the brothers gleaned more than £140,000 ($179,850) through insider dealings in shares of ARM Holdings Plc and five additional companies. These transactions reportedly took place between July 2016 and December 2017.
Mohammed Zina, previously part of the Conflicts Resolution Group at Goldman’s London office, now faces insider dealing charges along with Suhail Zina, who was then an attorney at top UK law firm, Clifford Chance. The brothers are contesting six charges of insider dealing and three linked to fraud.
Both Mohammed and Suhail Zina have denied the charges and entered not guilty pleas.
The allegations involve the Zina brothers’ purported use of exclusive company data – information that could influence stock prices – for their benefit.
This case underlines the ongoing scrutiny on financial institutions and their internal procedures aimed at preventing unlawful practices such as insider trading.