UK’s Uberoi Trial Highlights the Circumstantial

In the UK, the FSA’s high-profile insider trading trial against dentist Neel Uberoi and his son, Matthew, continues in the Southwark Crown Court.  Prosecutors allege that Matthew leaked inside information about three deals his team at Hoare Govett was working on to his father Neel, who then allegedly made a £150,000 profit from trading on the information. Matthew was then working as an intern at Hoare Govett.  The Uberois deny the charges, and an unusual trial that had been delayed by procedural wrangling resumed earlier this month.

The case is a interesting example of how insider trading cases are built on circumstantial evidence, but also of how defendants can point to publicly available information as the supposed basis of their trading. Full details are available in this post on my Enforcement Action blog over at Compliance Week.