One day after filing just the second criminal insider trading case in its history, the UK’s securities market regulator–the Financial Services Authority–is now prosecuting two members of the same family for allegedly using illegal information to buy hundreds of thousands of shares in two companies over a four-month period in 2006. Bloomberg reports that Matthew and Neel Uberoi have been charged with 17 counts of insider trading, in the third criminal insider trading case brought by the FSA this year.
Bloomberg reports that the FSA filed its first ever criminal insider trading case against the former general counsel of TTP Communications Plc and his father-in-law earlier this year. On July 24, as discussed here, former Cazenove & Co. partner Malcolm Calvert was charged with 12 counts of insider trading.
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[...] The criminal insider trading trial of Neel Uberoi, a dentist from south London, begins today in the UK. It is the latest development in the UK’s effort to get tougher on insider trading and market abuse. Uberoi’s trial is one of three criminal cases the Financial Services Authority has brought this year–the first three ever, as discussed here. [...]