Ex UBS compliance officer jailed for insider dealing

LONDON (Reuters) - A London judge on Thursday sentenced both a former UBS compliance officer and her day-trader friend to three years in jail after they were convicted by a jury of insider dealing.

Fabiana Abdel-Malek, 36, and Walid Anis Choucair, 40, were both found guilty after a two-month trial at London's Southwark Crown Court in a case prosecuted by the Financial Conduct Authority (FCA), the regulator said in a statement.

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Judge Joanna Korner said Abdel-Malek was a game keeper, who had used the knowledge she had gained from her employer to become "an efficient and accomplished poacher". Choucair, she said, had been driven by greed.

"There is no question that both of your actions were deliberate, dishonest and committed over a period of a year," she said.

Choucair, who the court heard had netted 1.4 million pounds ($1.8 million) from trading on confidential tips provided by Abdel-Malek, had corrupted the UBS worker, the judge said.

But she added that without Abdel-Malek's "gross breach of trust", that would affect the reputation of UBS, the offence would not have happened.

"In these cases there has to be an element of deterrence, it is vital that these kind of offences are deterred by the knowledge that if they are committed and you are convicted, there is an inevitable sentence of imprisonment."

(Reporting by Kirstin Ridley; editing by David Evans)

This story has not been edited by Firstpost staff and is generated by auto-feed.