Fabiana Abdel-Malek, a former compliance officer in UBS AG’s London Branch has today been charged with insider dealing by the Financial Conduct Authority (FCA).
The UK’s financial watchdog today said it has instituted criminal proceedings against Fabiana Abdel-Malek, 34, and Walid Choucair, 38, who were charged with five counts of insider dealing between June 2013 and June 2014. The defendants allegly made 1.8 million in profits though insider trading the shares of Elizabeth Arden Inc. and four other companies
The FCA claims the alleged activities took place on five occasions during which Mr. Abdel-Malek, who had worked in the compliance team of the Swiss bank for over a decade, disclosed “information otherwise than in the proper performance of the functions of his employment, office or profession, to Walid Anis Choucair.”
A count of insider dealing in the U.K. carries a maximum prison term of seven years.
The pair appeared at City of London Magistrates’ Court on 16 June 2017 for the first time to face the allegations. In addition, they are scheduled to appear at Southwark Crown Court at next month to be confirmed for a Plea and Trial Preparation Hearing, the FCA said.
Source: Finance Magnates