A trader who allegedly received a series of insider trading tips from UBS Group’s former compliance boss regularly spent thousands of pounds on champagne at a Mayfair nightclub, a court has heard.
Walid Choucair was a high rolling member of Tramps the club’s manager David Fleming told the court, saying that a receipt dated to 2013 showing the purchase of two jeroboams of champagne each worth almost £3,000 on a total bill of £8,738 was ‘very typical’ of his expenditure.
Choucair is accused of receiving inside information from then UBS compliance boss Fabiana Abdel-Malek.
The Financial Conduct Authority claims that Choucair received privileged information from Abdel-Malek enabling him to bank £1.4 million in profits on a series of trades.
Abdel-Malek reportedly served in the compliance team of the Swiss’ giant’s London office for more than a decade. At the time of the alleged wrongdoing he served in its corporate lending, private equity and structured and leveraged finance team.
Choucair was formerly a director at BAC Investments. Both have pled not guilty.