The Financial Conduct Authority has begun criminal proceedings against Fabiana Abdel-Malek, a former compliance officer at UBS AG’s London Branch, and Walid Anis Choucair following a joint investigation with the National Crime Agency.
Ms Abdel-Malek (born September 1982) and Mr Choucair (born March 1979) 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. Ms Abdel-Malek and Mr Choucair appeared at City of London Magistrates’ Court today and are due to appear at Southwark Crown Court at a date in July to be confirmed for a Plea and Trial Preparation Hearing.
The FCA says that insider dealing is a criminal offence punishable, on conviction, by a fine and/or up to 7 years’ imprisonment.
The Financial Services and Markets Act 2000 gave the FCA powers to investigate and prosecute insider dealing.
