The FCA has secured a confiscation order of £586,711 against Mohammed Zina, a convicted insider dealer.

Mr Zina used information gained while working at Goldman Sachs between 2016 and 2017 to buy and sell shares in firms he knew were involved in potential deals, including Shawbrook Bank.

He also fraudulently obtained bank loans to pay for his illegal trades.

He was jailed in February 2023 for 22 months for nine offences, six of insider dealing and three for fraudulent loans.

He faces a further five years in prison if he does not pay the amount mentioned in the confiscation order within three months. The confiscation order amounts to all of Mr Zina’s available assets.

Therese Chambers, the FCA’s joint executive director of enforcement and market oversight said: “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.”

Between 2014 and December 2017, Mr Zina worked as an analyst at Goldman Sachs International (Goldman Sachs), joining its conflicts resolutions group in 2016. In that role he came into possession of inside information relating to potential mergers and acquisitions his employer was advising on.

Between 15 July 2016 and 4 December 2017, Mr Zina dealt in six shareholdings using the inside information.

The six shareholdings Mr Zina dealt in using inside information were: Arm Holdings plc, Alternative Networks plc, Punch Taverns plc, Shawbrook plc, HSN Inc, and Snyder’s Lance Inc. The total returns from trading in these stocks was approximately £140,486.

The trading was partly funded by three loans, fraudulently obtained from Tesco Bank, totalling £95,000.

In February 2023, Mr Zina was convicted of all nine offences and sentenced to 22 months' imprisonment.

The court found Mr Zina’s benefit across all his offences, including fraud, to be £1,091,424, when adjusted for inflation. The proceeds are adjusted for inflation to reflect the value as at the time of the order, that is in 2025, and therefore the sums involved include an uplift.

Last week the FCA won a Confiscation Order of £5,963,376 against convicted investment scammer and fake trader Guy Flintham.