A London Southwark Crown Court jury on June 27 convicted two individuals—a senior compliance officer of UBS and a day trader of financial securities—and sentenced them to three years’ imprisonment for insider trading.
Fabiana Abdel-Malek was employed as a senior compliance officer by investment bank UBS in its London office and used her position to identify inside information, which she passed to her family friend, Walid Choucair, an experienced day trader of financial securities, using pay-as-you-go mobile telephones, according to the U.K. Financial Conduct Authority. Choucair made a profit of approximately £1.4 million (U.S. $1.77 million) from the trading.
