LONDON (Reuters) - A former lawyer at Clifford Chance has been cleared of insider dealing over allegations he used confidential information to buy shares in listed companies.
Suhail Zina was standing trial alongside his brother Mohammed Zina, a former Goldman Sachs (NYSE:GS) analyst, accused of using confidential information to make more than 140,000 pounds ($176,200) from shares in six companies, including Arm Holdings (NASDAQ:ARM) and Punch Taverns.
The pair were each charged with six counts of insider dealing and three counts of fraud relating to loans obtained from Tesco (LON:TSCO) Bank, which prosecutors said were used to buy the shares but which they said were to be for home improvements.
Suhail Zina had pleaded not guilty and was acquitted of all nine counts at London's Southwark Crown Court on Friday, the Financial Conduct Authority (FCA), which brought the prosecution, said.
The trial of Mohammed Zina, who was employed by Goldman Sachs International in its conflicts resolution group in London, continues.
An FCA spokesperson said: "We can confirm that the case against Suhail Zina on all counts is not proceeding."
"We are unable to comment further due to ongoing legal proceedings."
Suhail Zina's lawyer declined to comment, citing the ongoing case.