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Wednesday, June 7, 2017 - FCA charges ex-UBS compliance officer with insider trading
Source -
Where - United Kingdom
Business line - Corporate Services

A former UBS Group compliance officer has been charged with insider trading by the UK’s Financial Conduct Authority, Bloomberg reports.

Fabiana Abdel-Malek, who is understood to have worked as a compliance officer at UBS since 2007, passed inside information on to Walid Choucair, who then made trades based on the tips.

Abdel-Malek, 34, and Choucair, 38, were each charged with five counts of insider dealing from June 2013 and June 2014.

According to the charges seen by Bloomberg, Abdel-Malek disclosed “information otherwise than in the proper performance of the functions of your employment, office or profession, to Walid Anis Choucair,” on five occasions over the course of 12 months. Choucair then made trades based on this information.

Abdel-Malek and Choucair will appear at City of London Magistrates’ Court next week and could face a prison term of up to seven years.

The FCA has made more than 30 insider trading convictions since 2009 as part of an initiative to crack down on this type of misconduct in financial institutions.

No public comment has been made by the defendants’ lawyers, the FCA, or UBS.