Jurisdiction(s):
United Kingdom

Prosecuting insider dealing: Peter Carter KC on evidential hurdles, FCA resourcing, ECHR-compliant monitoring and reputational risk after Zina

Published on: 06 March 2024

Published by a Law360 reporter

Legal News

Article summary

Peter Carter KC of Doughty Street Chambers, who headed the FCA prosecution, obtained the guilty verdict against Mohammed Zina, sentenced to 22 months’ imprisonment in February. The matter carried notable intricacies, particularly because Goldman Sachs’ server sat in the US, which influenced the timing of transactions. From April 2019, Carter devoted over 800 hours to preparation and spent ten weeks before the court, supported by his junior counsel, Rachel Barnes KC of Three Raymond Buildings. Carter has tried other prominent insider‑dealing prosecutions for the FCA and its precursor. He has handled similar high‑profile insider‑dealing matters for the FCA and its predecessor body before, and knows their challenges. He understands how hard it is to secure a conviction, and tells Law360 how, for all the government’s lip service, it gives inadequate backing to the FCA’s related enforcement work. As every major bank, insurer, wealth manager and asset manager in the UK scrutinises the Zina case, Carter sets out who is drawn into insider dealing, how financial institutions must guard against rogue staff, and how severely insider‑dealing cases can damage their reputations. Carter doubts the deterrent value of prison sentences. Yet he retains faith in the criminal justice system and, above all,...

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