The UK’s Financial Conduct Authority (FCA) has charged former UBS compliance officer Fabiana Abdel-Malek and an accomplice Walid Anis Choucair with charges of insider trading.

Abdel-Malek, a former employee at the London branch of UBS, and Choucair have been charged with five counts of insider dealing that occurred between June 2013 and June 2014.

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The pair has been alleged of making a profit of £1.4m by illegal share trading of various companies, including Elizabeth Arden.

“As part of the investigation, the FCA asked us to provide information in relation to a sole, mid-level, former employee based in London. As this is an ongoing criminal prosecution, and to avoid the risk of prejudicing the course of justice, we are unable to comment further,” UBS stated.

The pair appeared in a London court for the allegations, with a next hearing scheduled at Southwark in July. The duo could face a maximum seven-year sentence under UK law if found guilty on insider dealing charges.

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