FCA has announced the Court of Appeal’s decision in the case it brought against Fabiana Abdel-Malek and Walid Choucair. The individuals had been convicted of five offences each of insider dealing in 2013/14 and sentenced to 3 years’ imprisonment. They had appealed, alleging insufficient disclosure by FCA before, during and after the trial made the convictions unsafe. The Court of Appeal found there was no irregularity or unfairness and dismissed the appeals.
Ms Abdel-Malek had been a senior compliance officer at UBS and had abused her position to give her friend Mr Choucair inside information.
The case has been used by FCA for many case studies, including warning firms to make sure they provide access to inside information only to those with a legitimate reason to need to know it.