Pair sentenced to three years in jail for insider trading

Fabiana-Abdel-Malek

The judge of Southwark Crown Court on Thursday sentenced to prison for three years each ex UBS compliance officer Fabiana Abdel-Malek and her trader friend Walid Anis Choucair after a jury found that the UBS executive leaked tips to her friend who made £1.4million in a year from the conspiracy between 2013 and 2014.
Judge Joanna Korner ruled that Fabiana, 36, and day trader Walid, must serve at least half the term in prison after the duo were found guilty of all five counts of insider trading.
Fabiana Abdel-Malek gave secret information through burner phones, pay-as-you-go sims and secret meetings to Walid Choucair on five takeover targets. Britain’s financial watchdog the Financial Conduct Authority (FCA) had brought the insider trading case.
The trial lasted for about two months and a jury of 12 found after deliberations of over a week that Fabiana Abdel Malek was guilty of passing information to Choucair on deals involving Targa, BRE, Elizabeth Arden, North Sttar and Kabel Deutschland.
The judge called Abdel-Malek a “gamekeeper” who used bank materials to become an “accomplished poacher” and told Choucair his motive was “greed”.
She said: “It’s clear to me that you enjoyed and made full use of entry into the rather louche lifestyle that was being led by Choucair,” Korner said. “There is no question that both of your actions were deliberate, dishonest and committed over a period of a year.”

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