The FSA has issued a press release stating that former corporate broker intern, Matthew Uberoi and his father, Neel Uberoi, have 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.
The FSA is currently prosecuting three other insider dealing criminal cases:
- Malcolm Calvert which is set down for trial on 15 February 2010.
- Neil Rollins which is due to start on 12 April 2010.
- Mr King, Mr Rimmington and Mr Mcfall with a trial date of 19 April 2010.