Yacht Owner Made $8 Million With Trader in UBS Insider Case
- Walid Choucair completes three days of testimony in court
- Choucair and co-accused deny insider trading charges
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A day trader on trial for profiting from tips he allegedly got from a UBS Group AG compliance officer said an associate who bought a yacht built for billionaire Roman Abramovich was trading “high multiples” alongside him.
A lawyer for Walid Choucair, 39, told a London jury on Wednesday that Pakistani national Alshair Fiyaz made $8.3 million in profits from three trades that mirrored ones made by the defendant. The prosecution said Choucair made 1.4 million pounds ($1.8 million) profit from five trades in 2013 and 2014.