A solicitor formerly with magic circle firm Clifford Chance is being prosecuted by the Financial Conduct Authority after allegedly making more than £140,000 from insider dealing.
Suhail Zina, based in London, and his brother Mohammed Zina, a former analyst at Goldman Sachs, face criminal proceedings for insider dealing and fraud.
The proceedings relate to six offences of insider dealing, contrary to section 52(1) of the Criminal Justice Act 1993, and three offences of fraud by false representation, contrary to section 1 of the Fraud Act 2006.
The alleged offending took place between July 2016 and December 2017 and involved trading in six different stocks. The total profit from the alleged insider dealing was around £142,000.
The fraud charges relate to three personal loans obtained from Tesco Bank, totalling £95,000. According to the FCA the loans were claimed to be used for funding home improvements. However the FCA alleges they funded insider dealing.
The brothers appeared at Westminster Magistrates’ Court today and the case was sent to Southwark Crown Court for a plea and trial preparation hearing on 16 March 2021.