Trader Says UBS Chat Paranoia Led To Burner Phone Use

Law360, London (May 22, 2019, 8:42 PM BST) -- A day trader accused of insider dealing told a London jury Wednesday he communicated with a former UBS compliance officer using a pay-as-you-go mobile phone because he was “paranoid” her employer would discover their friendship and assume she leaked him confidential information.

Walid Choucair, who has pled not guilty to charges of illegally trading shares, says he picked stocks based on market rumors and conversations with trader friends and financial journalists. (AP) Walid Choucair — who the ​​Financial Conduct Authority has accused of profiting off tips from ex-UBS AG employee Fabiana Abdel-Malek — tried to explain during his second day on...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!