The Financial Services Authority (FSA) is continuing its crackdown on insider trading by instigating its third criminal prosecution this year.
The regulator has charged Matthew Uberoi and Neel Uberoi with 17 counts of insider dealing in an indictment filed at the City of Westminster Magistrates' Court.
The FSA has accused the pair, who are related, of exploiting inside information to trade thousands of shares in two companies - NeuTec Pharma and Gulf Keystone Petroleum - over a four-month period in 2006. Neither could be reached for comment.
News of the prosecution has emerged days after the FSA announced its most significant insider-dealing case to date. Last week it charged Malcolm Calvert, a former partner in Cazenove, with 12 counts of insider dealing between 2003 and 2005, after he had retired from the stockbroker. Mr Calvert, who indicated a plea of not guilty last week, is the first financial services employee to be prosecuted by the FSA since it assumed criminal prosecution powers in 2001.
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