Neel and Matthew Uberoi, the father and son accused of criminal insider trading by the UK’s Financial Services Authority, today asked the court to dismiss the case on a procedural technicality. According to the Times Online, lawyers for the two asked the City of Westminster Magistrates Court to nullify the summons against them in the rare insider trading prosecution because the FSA “did not follow the correct legal procedures in filing the case.”
John Kelsy-Fry, QC, counsel for the FSA, reportedly responded that the legal procedure in question was an “artificial step” that did not apply to the FSA. The FSA argued that the prosecution would continue even if it lost on this point as it could simply amend its case to comply with the contested procedure.
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[...] week, as discussed here, an issue was raised in the Uberoi case as to whether the FSA has the authority to launch [...]