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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...

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