On 5 November 2009, the FSA announced that Matthew Uberoi and his father, Neel Uberoi, were found guilty of twelve counts of insider dealing under section 52 of the Criminal Justice Act 1993 (CJA) at Southwark Crown Court.
During his time as an intern at a corporate broking firm in the summer of 2006, Matthew Uberoi worked on price sensitive deals. He passed inside information in relation to deals in three companies to his father. His father then purchased shares in those companies and made a profit of about £110,000 based on this inside information.
The conviction resulted in the harshest penalties yet imposed for insider dealing in the UK. Neel Uberoi was imprisoned for two years and Matthew Uberoi for one year.