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Ex-UBS Compliance Officer Used Burner Phone for Takeover Talk

  • Fabiana Abdel-Malek on trial in London for insider trading
  • Defendants met in Mayfair club and ran up $11,000 bill
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A former UBS Group AG compliance officer repeatedly searched internal databases at the investment bank to see sensitive information about five potential takeovers that she shared with a friend via a burner phone, prosecutors said on the first day of an insider-trading trial.

Fabiana Abdel-Malek gave the information to Walid Choucair, lawyers for the Financial Conduct Authority said Friday. The two often used pay-as-you-go phones, swapping SIM cards in and out, to communicate.