From: RegTech Analyst
Having been found guilty of inside trading in June 2019, a former day trader has now been ordered by Southwark Crown Court to pay £3.9m via a consent confiscation order.
The Financial Conduct Authority (FCA) said that the Walid Choucair had been sentenced to three years’ imprisonment two and a half years ago after his involvement with an inside-trading scheme had come to light.
A friend of his working at investment bank UBS AG had slipped him insider information via burner phones.
The payment represent profits of £1.4m arising from five insider dealing charges as well as other trades the court had reason to believe were also the result of crime.
Chouchair has until March 1 to make the payment.
“This confiscation order means Mr Choucair will have to surrender significant illegal trading profits following his convictions for insider dealing. Today’s order demonstrates that insider dealing does not pay,” said Mark Steward, executive director of enforcement and oversight at the FCA.
