Ex-UBS Compliance Officer, Friend Guilty of Insider Trading
Ex-UBS Compliance Officer, Friend Guilty of Insider Trading
(Bloomberg) -- A former UBS Group AG compliance officer and her friend were convicted of insider trading following a trial in which prosecutors alleged that the bank employee leaked confidential information that allowed the trader to make more than 1 million pounds ($1.3 million).
The jury in London found ex-UBS employee Fabiana Abdel-Malek, 36, and day trader Walid Choucair, 40, guilty of three counts of insider trading between June 2013 and June 2014. The panel is still deliberating two additional sets of counts.
The Financial Conduct Authority, which brought the case, accused Abdel-Malek of passing tips to Choucair. It said that Choucair used the knowledge to buy contracts-for-difference that allowed him to make 1.4 million pounds ($1.8 million). Both pleaded not guilty before the trial.
To contact the reporter on this story: Franz Wild in London at fwild@bloomberg.net
To contact the editors responsible for this story: Christopher Elser at celser@bloomberg.net;Anthony Aarons at aaarons@bloomberg.net
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