Ex-UBS Compliance Officer in Court on $1.8 Million Insider Case

June 16, 2017, 2:02 PM

By Suzi Ring, Bloomberg News

A former UBS Group AG compliance officer and a day trader charged by U.K. regulators with insider trading appeared in a London court for the first time to face allegations that they made 1.4 million pounds (1.8 million) illegally trading shares of Elizabeth Arden Inc. and four other companies.

Fabiana Abdel-Malek, 34, and Walid Choucair, 38, were charged by the U.K. Financial Conduct Authority with five counts of insider dealing between June 2013 and June 2014. Prosecutors told a London court Friday that in addition to Elizabeth Arden, the pair traded shares of Kabel Deutschland Holding AG and BRE Properties Inc. based on information Abdel-Malek obtained through her work at UBS.

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 separate occasions in the one-year period, according to a copy of the charges. Choucair “having information as an insider dealt in securities that were price affected securities in relation to the information” in the same time period.

Abdel-Malek and Choucair didn’t comment other than to confirm their names, declining to give indications of their pleas to the court when asked. They face another hearing at Southwark crown court on July 14.

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