Ex-UBS Official Guilty in Case of Burner Phones and Bubbly
- London jury gives verdict on Financial Conduct Authority case
- Fabiana Abdel-Malek and Walid Choucair pleaded not guilty
Fabiana Abdel-Malek
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
A former UBS Group AG compliance officer and a friend were convicted of insider trading following an eight-week trial that featured accounts of champagne-fueled parties, burner phones and evidence stashed in a Chanel handbag.
A London jury found ex-UBS employee Fabiana Abdel-Malek, 36, and day trader Walid Choucair, 40, guilty of all five counts of insider trading, with the final verdict released Thursday. Abdel-Malek was accused by the Financial Conduct Authority of passing tips from confidential UBS databases to Choucair, who would use the data within minutes.