Brother’s trial continues
A former Clifford Chance lawyer has been cleared of insider trading and fraud, the Financial Conduct Authority (FCA) has confirmed.
Suhail Zina was charged along with his brother, former Goldman Sachs analyst Mohammed Zina, in early 2021. They were each accused of six offences of insider dealing and three offences of fraud by false representation, having obtained a loan from Tesco Bank of £95,000 which the FCA alleged was used to fund insider trading and not for home improvements as the brother’s claimed.
This was alleged to have taken place between July 2016 and December 2017, and resulted in an estimated profit of £140,000.
Suhail and Mohammed both denied the allegations, and pleaded not guilty.
The FCA has confirmed, however, that the case against the former Magic Circle lawyer is not proceeding, with the judge last week finding that there was no case to answer, and directing the jury to find Suhail Zina not guilty.
The trial of Mohammed Zina continues.
Commenting on the case, an FCA spokesperson said: “We can confirm that the case against Suhail Zina on all counts is not proceeding”, adding that “We are unable to comment further due to ongoing legal proceedings”.
Suhail completed his training contract at CC in 2017 but left the firm the following year.