Matthew Uberoi and his father, Neel Uberoi, were sentenced to 12 and 24 months imprisonment respectively, for insider dealing on 10 December 2009. Matthew Uberoi, whilst working as an intern at a corporate broker firm, passed inside information to his father in relation to three separate announcements, which was later used to make a substantial profit of £110,000. In passing the sentence, HHJ Testar said "This offence is cheating and it is important for economic and social wellbeing to have clean markets. The public rightly recoils from the idea of people with inside information having a licence to print money."
This is the second insider dealing case brought by the FSA. Margaret Cole, director of enforcement and financial crime at the FSA highlighted that "[the FSA's] recent successes reinforce [its] credibility as a prosecutor. We are determined to do whatever is necessary to ensure that insider dealing is no longer seen as a way to make a quick profit but as a crime that does not pay."