Two convicted of insider trading in FSA prosecution
Two UK market abusers were convicted on Wednesday on 12 counts of insider trading. Father and son Neel and Matthew Uberoi were found guilty of a scam that made around £110,000 in profit using insider information found by Matthew Uberoi.
The criminal prosecution is the second successfully concluded by the Financial Services Authority (FSA) since the regulator was given teeth by the introduction of the Financial Services and Markets Act 2000.
Matthew Uberoi spent summer 2006 as an intern at a
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