The Financial Conduct Authority (FCA) has secured a confiscation order of GBP 586,711.01 against Mohammed Zina, a convicted insider dealer, covering all of his available assets. The sum must be paid within three months, failing which he faces a further five years’ imprisonment. The court made the order on 29 January 2025 under the Proceeds of Crime Act 2002, which allows the ‘benefit’ of crime to be calculated as all property obtained in the course of criminal conduct, including calculating insider dealing benefit by reference to the gross value of shares sold rather than profits. The court assessed Mr Zina’s benefit across all offences, including fraud, at GBP 1,091,424.72 (inflation-adjusted). Between 15 July 2016 and 4 December 2017, while employed as an analyst at Goldman Sachs International and later in its Conflicts Resolutions Group, he traded in six shareholdings using inside information, generating approximately GBP 140,486 in returns, with trading partly funded by three fraudulently obtained loans from Tesco Bank totalling GBP 95,000; he was convicted in February 2023 and sentenced to 22 months’ imprisonment. If the amount is not paid in full within three months, Mr Zina remains liable to pay it in full (with interest) after any further custodial sentence, and the FCA stated it will seek to enforce the order against any available assets.
Financial Conduct Authority 2025-01-31
Financial Conduct Authority secures GBP 586,711 confiscation order against convicted insider dealer Mohammed Zina
The Financial Conduct Authority (FCA) secured a confiscation order of GBP 586,711.01 against Mohammed Zina, a convicted insider dealer, under the Proceeds of Crime Act 2002. The court assessed his criminal benefit at GBP 1,091,424.72, including insider trading and fraud. If unpaid within three months, Zina faces an additional five years’ imprisonment, with the FCA intending to enforce the order against any available assets.