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Ex-UBS compliance officer in UK court on insider-trading case
[LONDON] A former UBS Group AG compliance officer and a day trader charged by UK regulators with insider trading appeared in a London court for the first time to face allegations that they illegally traded shares of Elizabeth Arden Inc. and four other companies.
Fabiana Abdel Malek, 34, and Walid Choucair, 38, were charged by the UK Financial Conduct Authority with five counts of insider dealing between June 2013 and June 2014.
Prosecutors told a London court Friday that in addition to Elizabeth Arden, the pair traded shares of Kabel Deutschland Holding AG and BRE Properties Inc based on information Ms Abdel Malek obtained through her work at UBS.
Ms Abdel-Malek disclosed "information otherwise than in the proper performance of the functions of your employment, office or profession, to Walid Anis Choucair," on five separate occasions in the one-year period, according to a copy of the charges.
Mr Choucair "having information as an insider dealt in securities that were price affected securities in relation to the information" in the same time period.
Ms Abdel Malek and Mr Choucair, who didn't comment other than to confirm their names, face another court hearing on July 14.