LONDON, June 16 A former compliance officer at
UBS in London, Fabiana Abdel-Malek, has been charged
with five counts of insider dealing over a single year, the
Financial Conduct Authority (FCA) said on Friday.
Day-trader Walid Anis Choucair has also been charged with
five counts of insider dealing, the FCA said in a statement. The
alleged insider dealing took place between June 2, 2013, and
June 19, 2014.
Abdel-Malek and Choucair both appeared before City of London
Magistrates' Court on Friday. They have not entered any plea as
they are due to appear at Southwark Crown Court in London in
July for a plea and trial preparation hearing.
Lawyers representing Abdel-Malek and Choucair had no
UBS said it had been working with the FCA in relation to its
investigation. "As part of the investigation, the FCA asked us
to provide information in relation to a sole, mid-level, former
employee based in London," the Swiss bank said in a statement.
"As this is an ongoing criminal prosecution, and to avoid the
risk of prejudicing the course of justice, we are unable to
comment further," the bank said.
The FCA has been taking steps to crack down harder on
insider dealing, a criminal offence which is now punishable by a
fine, or up to seven years in prison.
The charges followed a joint investigation with the National
Crime Agency, a rare collaboration which the FCA declined to
(Reporting by Huw Jones. Editing by Jane Merriman)