FSA sends father & son behind bars for insider dealing

The Financial Services Authority sentenced a father and his son for tweleve counts of insider trading that fetched them 110,000 pounds.

62-year old Neel Uberoi and his son Matthew, who previously was a corporate broker intern, were sentenced to 24 and 12 months in prison.

The FSA said that Neel Uberoi had benefited from the full worth of 288,000 pounds in shares bought after his son provided him with information collected during his internship with corporate broking firm.

Speaking on the issue, FSA director of enforcement Margaret Cole said, “Insiders are in a trusted position and abusing that trust undermines confidence in our markets.”

Matthew used to send information through emails using a code relating to Chinese code.

Neel Uberoi, who worked as dentist, claimed that he traded in shares on behalf of his own internet research.