A convicted insider dealer was ordered to pay £288,050.05 under a confiscation order with £70,000 in costs. The order was made at Southwark Crown Court in London yesterday against Neel Uberoi, who was jailed for 24 months last December. His son, a former intern at a corporate broking house, was jailed for 12 months. The two – who made £110,000 between them – were convicted in November.
The Financial Services Authority has been cracking down on insider dealing and market abuse this yeat. Eleven people face prosecution and further cases are expected to follow.
Margaret Cole, the FSA director of enforcement, said: "The substantial sentences and financial penalties the Uberois received show insider dealers run a real risk of being prosecuted in the criminal courts and demonstrate the costs of insider dealing far outweigh any potential benefit."