A work experience student has been found guilty of conducting £110,000-worth of insider trading at an investment bank which offered him the job opportunity.
Matthew Uberoi fed information to his father Neel which enabled him to secure illegal profits of nearly £110,000 in just seven days, and the former business student will now be jailed for a year.
Uberoi, then a 21-year-old undergraduate at Bath University, was on a placement at Hoare Govett, the corporate brokerage wing of Dutch bank ABN Amro.
While working for the bank, Uberoi used coded messages about Chinese food to send his father tips on forthcoming merger and takeover deals, the Daily Mail reported.
The deals involved a pharmaceutical company, a civil engineering firm and an oil exploration company. Uberoi’s team at Hoare Govett had been advising the companies in all the cases.