On 10 December 2009, the FSA issued a press release stating that former corporate broker intern, Matthew Uberoi and his father, Neel Uberoi, had been sentenced to 12 and 24 month prison sentences respectively for insider dealing.
Matthew Uberoi was an intern at a corporate broking firm during the summer of 2006 and worked on takeovers and other price sensitive deals. On several occasions he passed inside information to his father in relation to three separate announcements. The emails used a code relating to Chinese food. His father then purchased shares in those companies and made £110,000 profit.