Judge gavel, scales of justice and law books in court

A former Goldman Sachs analyst was convicted on fraud and insider trading charges in the U.K.

The U.K.’s Financial Conduct Authority (FCA) announced that Mohammed Zina, a former analyst in the conflicts resolution group at Goldman Sachs International, was convicted on six counts of insider dealing and three counts of fraud following a 12-week trial at Southwark Crown Court.

The regulator alleged that Zina traded on inside information about potential mergers and acquisitions that Goldman was advising on in six cases, generating illicit trading profits.

The regulator also said the insider trading was partly funded by loans that were fraudulently obtained from a bank.

“Mohammed Zina tried to cheat the market for his own personal gain by cynically trading on inside information,” said Steve Smart, joint executive director of enforcement and market oversight with the FCA, in a release. “This conviction sends a clear message that economic crime is on our radar, and we will take action to uphold the integrity of U.K. markets.”

Zina’s brother, Suhail Zina, was acquitted of all the charges against him at the same trial after the fraud charges were discontinued, and the judge directed the jury in the case to dismiss the insider trading charges due to insufficient evidence.