On 3 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) announced that it had secured a confiscation order of £586,711.01 against Mohammed Zina, a convicted insider dealer. The confiscation order was issued on 29 January 2025, requiring Zina to pay the full amount within three months. Failure to do so will result in an additional five-year prison sentence, after which he will remain liable to repay the amount in full, with interest.
The confiscation order represents all of Zina’s available assets and is part of the UK FCA’s continued efforts to ensure that individuals convicted of financial crimes do not benefit from illicit gains.
The case stems from Zina’s time as an analyst at Goldman Sachs International (Goldman Sachs) between 2014 and 2017. In 2016, he joined the firm’s Conflicts Resolutions Group, which gave him access to confidential, market-sensitive information regarding mergers and acquisitions that Goldman Sachs was advising on. Between 15 July 2016 and 04 December 2017, Zina used this privileged information to engage in insider trading in six different shareholdings, obtaining a total return of approximately £140,486.
The UK FCA’s investigation also uncovered financial fraud linked to the insider trading activities. Zina had partially funded his trading through three fraudulent loans obtained from Tesco Bank, amounting to £95,000. His actions violated multiple financial crime regulations, including insider trading and fraud.
Following an extensive investigation, Zina was convicted of all nine offences in February 2023 and sentenced to 22 months’ imprisonment. The UK court later assessed the total value of his criminal benefit across all offences, including fraud and insider dealing, at £1,091,424.72 (adjusted for inflation as of 2025). The insider trading violations specifically involved shares in Arm Holdings plc, Alternative Networks plc, Punch Taverns plc, Shawbrook plc, HSN Inc., and Snyder’s Lance Inc.
The confiscation order was issued on 29 January 2025, reflecting the full value of Zina’s available assets at the time of enforcement. UK FCA’s actions follow the UK Proceeds of Crime Act 2002, which allows for the confiscation of assets obtained through criminal conduct. The court calculated Zina’s criminal benefit based on the total gross value of the shares at the time of sale rather than just the net profits made.
Zina has been ordered to pay the full confiscation amount within three months. If he fails to comply, he will be sentenced to an additional five years in prison. Upon release, the obligation to pay will remain, including interest on the outstanding sum. UK FCA has also confirmed that it will seek to enforce the order against any further assets that may become available.
Therese Chambers, UK FCA’s joint executive director of enforcement and market oversight, stated, “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.”
(Source: https://www.fca.org.uk/news/press-releases/fca-confiscates-over-500000-convicted-insider-dealer)
