FCA begins insider dealing case against former UBS compliance officer
The Financial Conduct Authority (FCA) has instituted criminal proceedings relating to insider dealing, against a women and man, one of which was a former compliance officer employed by UBS AG’s London Branch.
Following a joint investigation with the National Crime Agency, the FCA has announced its intentions to prosecute Fabiana Abdel-Malek, 35 is a former compliance officer employed by UBS AG’s London Branch and another individual Walid Anis Choucair.
The FCA said in a statement, following court proceedings that took place earlier today. Abdel-Malek, and Choucair, who is aged 38 have each been charged with five counts of insider dealing, contrary to Sections 52(2)(b) and 52(1) of the Criminal Justice Act 1993.
The alleged insider dealing took place between 3 June 2013 and 19 June 2014, the FCA said. No further details of the case were given at this stage.
Ms Abdel-Malek and Mr Choucair appeared at City of London Magistrates’ Court today, and are now due to appear at Southwark Crown Court at a date in July to be confirmed for a Plea and Trial Preparation Hearing.
Insider dealing is a criminal offence punishable, on conviction, by a fine and/or up to seven years’ imprisonment.