A former Goldman Sachs analyst was sentenced to 22 months in prison on Friday after being found guilty in a London court of utilising insider information to purchase shares in listed companies, accruing over £140,000 ($175,650) in profit.
Mohammed Zina, 35, worked in the conflicts resolution group at Goldman Sachs International in London.
Prosecutors alleged that he exploited confidential information to invest in six companies between July 2016 and December 2017, including Arm Holdings, with knowledge of SoftBank Group’s impending $32 billion acquisition.
Zina, as per prosecutors, would have gained an additional £15,000, but his plans were thwarted when he was arrested before he could sell his shares in snack maker Snyder’s-Lance Inc.
He denied six charges of insider dealing and three counts of fraud related to misleading Tesco Bank about loan purposes used to purchase shares, yet he was convicted on all counts following a trial at Southwark Crown Court.
Judge Tony Baumgartner, delivering the sentence, remarked that Zina had betrayed the trust of his employer and exploited honest investors.
He noted the severity of Zina’s actions, describing them as a direct assault on financial markets’ integrity and public trust.
The judge sentenced Zina to 22 months in prison, highlighting the squandered potential of his banking career for the sake of illicit gains.
Further proceedings were scheduled for September to address the prosecution’s bid to confiscate Zina’s profits.
A spokesperson for Goldman Sachs condemned Zina’s actions, stating that they contradicted the firm’s values, emphasizing zero tolerance for such misconduct.
Zina’s lawyer declined to comment post-sentencing.
Meanwhile, Zina’s brother, Suhail Zina, a former associate at Clifford Chance law firm, was acquitted of all charges.
The law firm chose not to comment on the matter.
Earlier in court, Zina’s barrister, Brendan Kelly, highlighted his client’s junior status in the conflicts resolution group and the prolonged duration of the legal proceedings, underscoring the significant impact of conviction and imprisonment on Zina’s life and character.