Hoare Govett intern and father guilty of insider trading
Despite protesting that he had only a “rough understanding” of insider trading and had learnt more about it from the film Wall Street than he had during the six months he spent with Hoare Govett, Matthew Uberoi has been found guilty of the charge. Southwark Crown Court found Matthew Uberoi and his father Neel Uberoi guilty of 12 counts of insider dealing. The trades netted them about £110,000. The Financial Services Authority brought the case against Neel Uberoi and …
Despite protesting that he had only a “rough understanding” of insider trading and had learnt more about it from the film Wall Street than he had during the six months he spent with Hoare Govett, Matthew Uberoi has been found guilty of the charge. Southwark Crown Court found Matthew Uberoi and his father Neel Uberoi guilty of 12 counts of insider dealing. The trades netted them about £110,000.
The Financial Services Authority brought the case against Neel Uberoi and his son Matthew suspecting that Matthew had passed price-sensitive inside information about companies to his father who then invested in them prior to announcement of deals they were involved in. Matthew picked up the information whilst working as an intern on takeovers and other price-sensitive deals at Hoare Govett in the summer of 2006.
Matthew will no doubt be remembering that Gordon Gekko was dragged off to prison at the end of Wall Street. In the UK insider dealing carries a maximum of seven years in prison.
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