The Financial Conduct Authority (FCA) has secured a confiscation order against Mohammed Zina, a convicted insider dealer. The order amounts to £586,711.01, which covers all of Zina’s available assets.

The order, issued on 29 January 2025, must be paid within three months. If Zina fails to comply, he will face an additional five years in prison.

Regulator Confiscates Assets from Insider Dealer

Therese Chambers, the FCA’s joint executive director of enforcement and market oversight, emphasized that insider dealing undermines market integrity. She also stated that the FCA aims to prevent convicted individuals from retaining any illicit profits.

Zina worked as an analyst at Goldman Sachs International between 2014 and December 2017. He joined the company’s Conflicts Resolutions Group in 2016, where he gained access to confidential information about potential mergers and acquisitions. Between July 2016 and December 2017, Zina used this information to trade in six stocks, generating returns of around £140,486.

“Crime Does Not Pay”

To finance the trades, Zina fraudulently obtained three loans from Tesco Bank, totaling £95,000. In February 2023, Zina was convicted on nine counts related to insider dealing and sentenced to 22 months in prison.

“Insider dealing harms the integrity of our markets. As well as prosecuting insider dealers, we will not allow them to keep any part of their illicit profits. We have confiscated the entirety of Mr Zina’s assets, demonstrating that crime does not pay,” Chambers commented.

FCA Reduces Enforcement Timelines

The FCA has outlined a five-year plan aimed at enhancing efficiency, tackling financial crime, and empowering consumers. The regulator is streamlining enforcement timelines, with recent cases closing in 13 months, down from 42 months, as reported by Finance Magnates.

FCA Chief Operating Officer Emily Shepperd highlighted a focus on innovation and leveraging technology, including data analytics, to improve outcomes. The plan also emphasizes strengthening consumer confidence and supporting the UK’s financial services sector, which contributes £278 billion to the economy.

This article was written by Tareq Sikder at www.financemagnates.com.Retail FXRead More

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