Two found guilty of insider dealing
Matthew Uberoi and his father, Neel Uberoi, have been found guilty of insider dealing at Southwark Crown Court. While an intern at a corporate broking firm working on takeovers and other price sensitive deals, Matthew Uberoi passed inside information about 3 companies to his father. His father then purchased shares in those companies and made a profit of approximately £110,000. The sentencing and confiscation hearing will take place on 10 December.

This is the FSA’s second successful insider dealing prosecution and it is currently prosecuting three other insider dealing criminal cases. Margaret Cole, director of enforcement and financial crime at the FSA, said “[b]y continuing to prosecute these crimes we believe we are achieving credible deterrence in this area, sending an emphatic message that insider dealing is a serious crime and will be treated as such”.