The FSA has sentenced a father and son team to a total of 36 months in jail for 12 counts of insider dealing. Former corporate broker intern Matthew Uberoi and his father, Neel Uberoi, were today sentenced to 12 and 24 months in prison respectively for insider dealing. The FSA says Uberoi – working as an intern at a corporate broking firm during the summer of 2006 on takeovers and other price sensitive deals – passed inside information to his father on several occasions. The information, relating to three separate announcements, was communicated via email using a code relating to Chinese food. His father then purchased shares in those companies and made £110,000 profit.  The judge said that benefits obtained by Uberoi’s insider dealing amount to over £288,000 – the full worth of shares purchased.  The pair were found guilty of twelve counts of insider dealing after making £110,000 in profit on 4 November 2009 at Southwark Crown Court.  Margaret Cole, director of enforcement and financial crime at the FSA, says: “The sentences Matthew Uberoi and his father are facing clearly demonstrate that insider dealing is a serious crime with serious consequences. “Insiders are in a trusted position and abusing that trust undermines confidence in our markets. The FSA is determined to prevent that happening.” It is only the second insider dealing case to be brought by the FSA. Earlier this year the Court of Appeal rejected Christopher McQuoid’s appeal against an eight month sentence he received in the first insider dealing prosecution brought by the FSA.

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