The U.K.’s Financial Conduct Authority (FCA) has obtained a confiscation order against a former Goldman Sachs analyst who was previously convicted of insider trading.
In 2023, Mohammed Zina, who worked as an analyst at Goldman Sachs International between 2014 and 2017, was sentenced to 22 months in prison after being convicted on six counts of insider dealing and three counts of fraud.
Zina was convicted in Southwark Crown Court following a 12-week trial, on allegations that, between July 2016 and December 2017, he traded on inside information about pending corporate acquisitions that Goldman was working on as an advisor.
Now, the FCA has secured an order that requires him to pay £586,711 as part of his sanctions.
Under the order, Zina has three months to pay — and if he doesn’t pay on time, he could face an additional five years in prison, the FCA said. And, in addition to the added prison time, he would also still be liable to pay the amounts required by the order, with interest.
“We have confiscated the entirety of Mr. Zina’s assets, demonstrating that crime does not pay,” said Therese Chambers, the FCA’s joint executive director of enforcement and market oversight, in a release.
“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,” she added.