Former corporate broker intern Matthew Uberoi and his father Neel Uberoi have been sentenced to 12 and 24 months in prison respectively for insider dealing.
Matthew Uberoi was an intern at a corporate broking firm during summer 2006 and worked on takeovers and other price-sensitive deals. The FSA says he passed inside information to his father on three separate announcements. The emails used a code relating to Chinese food. His father bought shares in the companies and made £110,000 pro- fit. The pair were found guilty of 12 counts of insider dealing at Southwark Crown Court.
FSA director of enforcement and financial crime Margaret Cole says: “This is our second successful criminal prosecution and there are more to come.”