The Financial Conduct Authority (FCA) has instituted criminal proceedings against Fabiana Abdel-Malek (date of birth 17/09/1982), a former compliance officer employed by UBS AG’s London Branch and Walid Anis Choucair (date of birth 04/03/1979) following a joint investigation with the National Crime Agency.
Ms Abdel-Malek and Mr Choucair 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 on 16 June 2017, and are due to appear at Southwark Crown Court at a date in July to be confirmed for a Plea and Trial Preparation Hearing.
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 gives the FCA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
- No assumption should be made at this stage that a criminal offence has been committed.
- To report market abuse to us or to speak to someone about it, please see our market abuse webpage.
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.