On November 4, 2009 the Financial Services Authority secured its second victory at Southwark Crown Court in an insider dealing prosecution. Father and son, Neel and Matthew Uberoi, were both convicted on 12 counts of insider dealing. They will be sentenced on December 10, 2009. The FSA is cutting its teeth in insider dealing prosecutions. This was a more complex case than the first prosecution for insider dealing in March in the TTP case. The FSA's confidence as a prosecutor will be riding high after this second win. It is a boost for its enforcement strategy of credible deterrence.
The facts in brief
During the relevant period in the summer of 2006, Matthew Uberoi, who was 21 at the time and a student at Bath University, was working as an intern at Hoare Govett, the corporate finance advisers. His father, Neel Uberoi, was a dentist living in Surrey. The FSA charged the Uberois with 17 counts of insider dealing between May and August 2006. The charges related to three different companies:
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