Father and son jailed for 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...