FCA Charges Former UBS Compliance Officer with Insider Dealing
- A count of insider dealing in the UK carries a maximum prison term of seven years.
Fabiana Abdel-Malek, a former Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term officer at UBS AG’s London Branch, was today charged with insider dealing by the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term).
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The UK’s financial watchdog today said that it has instituted criminal proceedings against Fabiana Abdel-Malek, 34, and Walid Choucair, 38, charging them with five counts of insider trading between June 2013 and June 2014. The defendants allegedly made £1.8 million in profit through the inside trading of shares of Elizabeth Arden Inc. and four other companies.
The FCA claims that the alleged activities took place on five occasions in which Mr. Abdel-Malek, who had worked in the compliance team of the Swiss bank for over a decade, disclosed “information otherwise than in the proper performance of the functions of his employment, office or profession, to Walid Anis Choucair."
In turn, Mr. Choucair, of London, is accused by the FCA of using the insider information to deal in securities, the prices of which were affected in the same one-year time period, according to the filings.
A count of insider dealing in the UK carries a maximum prison term of seven years.
The pair appeared at City of London Magistrates’ Court on 16 June 2017 for the first time to face the allegations. In addition, they are scheduled to appear at Southwark Crown Court next month to be confirmed for a Plea and Trial Preparation Hearing, the FCA said.
Fabiana Abdel-Malek, a former Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term officer at UBS AG’s London Branch, was today charged with insider dealing by the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term).
The London Summit 2017 is coming, get involved!
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The UK’s financial watchdog today said that it has instituted criminal proceedings against Fabiana Abdel-Malek, 34, and Walid Choucair, 38, charging them with five counts of insider trading between June 2013 and June 2014. The defendants allegedly made £1.8 million in profit through the inside trading of shares of Elizabeth Arden Inc. and four other companies.
The FCA claims that the alleged activities took place on five occasions in which Mr. Abdel-Malek, who had worked in the compliance team of the Swiss bank for over a decade, disclosed “information otherwise than in the proper performance of the functions of his employment, office or profession, to Walid Anis Choucair."
In turn, Mr. Choucair, of London, is accused by the FCA of using the insider information to deal in securities, the prices of which were affected in the same one-year time period, according to the filings.
A count of insider dealing in the UK carries a maximum prison term of seven years.
The pair appeared at City of London Magistrates’ Court on 16 June 2017 for the first time to face the allegations. In addition, they are scheduled to appear at Southwark Crown Court next month to be confirmed for a Plea and Trial Preparation Hearing, the FCA said.