In the UK’s Southwark Crown Court today, the Financial Services Authority obtained its second-ever criminal conviction for insider trading, the NY Times reports. The FSA announced that both Neel Uberoi and his son, Matthew, were found guilty of 12 counts of insider dealing and will be sentenced on December 10.
As previously discussed here, Matthew Uberoi had many explanations for the circumstantial evidence against him and his father, but it apparently did not persuade the jury.
The FSA secured its first criminal conviction for insider dealing in March 2009, in its case against Christopher McQuoid, former general counsel of TTP Communications, and his father-in-law, James Melbourne. That case is discused here.