Ex-Clifford Chance lawyer cleared of insider dealing by London court
Reuters
Published Feb 05, 2024 13:34
Updated Feb 05, 2024 18:05
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.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.