(Bloomberg) -- A day trader who was convicted of insider trading along with a UBS Group AG compliance official agreed to forfeit 3.9 million pounds ($5.4 million), U.K. prosecutors said.

Walid Choucair, who is currently serving part of three-year sentence in jail, will give up the profits that the Financial Conduct Authority says he made from trading ahead of merger announcements. John McGuinness, a lawyer for the FCA, told a judge Thursday that the sum also included the money Choucair had made in 15 other trades.

Choucair, and his friend Fabiana Abdel-Malek, were convicted of a conspiracy to use inside information on five mergers. Abdel-Malek, who was working at UBS, used a burner phone to leak data from a confidential bank database to Choucair, who traded on the information within minutes, the FCA said.

The confiscation comes after the pair lost a bid to overturn their conviction last month. They’d argued that the regulator should have disclosed more about two M&A advisers at Citigroup Inc. and a loose network of traders from London to Dubai.

The decision was a boost to the FCA in its most high-profile insider-trading trial in years. Mark Steward, the agency’s executive director of enforcement, said that the appeal was “an attempt to undermine the jury’s verdict by collaterally attacking” the regulator.

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