On July 24, Malcolm Calvert, a former partner at a major London stockbroker, was charged with 12 separate offenses of insider dealing in breach of Section 52 of the Criminal Justice Act 1993. Mr. Calvert pleaded not guilty and the proceedings were adjourned until September.
On July 28, the regulator filed an indictment against Matthew Uberoi and Neel Uberoi charging 17 counts of insider dealing in relation to trading over a four-month period in 2006. The following day, the UK Financial Services Authority (FSA) arrested eight individuals suspected of insider dealing and executed related search warrants across London and the Southeast of England in connection with a major ongoing investigation. Among those arrested were junior support personnel at two investment banks.
Prior to the three cases mentioned, the FSA had only commenced a single criminal insider dealing prosecution since being given the power to do so in 2001.