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Day Trader Testifies Tips Came From Pals, Not Ex-UBS Pro

Law360 (May 21, 2019, 4:56 PM EDT) -- A day trader accused of insider dealing told a London jury Tuesday that he traded based on information he got through the grapevine, rather than confidential information provided by a former UBS compliance officer he was friends with.

Walid Choucair, who the Financial Conduct Authority says made £1.4 million ($1.8 million) from bets made on the tips he received from Fabiana Abdel-Malek, said he made his stock decisions based on conversations with trader friends and financial journalists, along with "rumors circulated by traders and the market."

Choucair’s attorney, Richard Wormald of Three Raymond Buildings, asked if Abdel-Malek had “anything to do...

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