Former Cazenove partner given 21 month prison sentence

12 March 2010

Malcolm Calvert, a former partner in Cazenove, has been given 21 months in prison for insider trading.

He had been found guilty of the practice earlier in the week following evidence given in court against him by his former friend Bertie Hatcher, who was also involved in insider dealing.

Calvert is estimated to have made more than £100,000 ($150,520) from buying and selling around 420,000 shares in six different companies with the aid of information not made available to the wider public.

As he passed sentence on the ex-Cazenove executive, Judge Peter Testar stated that Calvert was fully aware that his activities were criminal and had behaved in a deliberate rather than reckless manner.

The judge added that insider trading is not a victimless crime.

"It leads to the dishonest enrichment of a few at the expense of the public interest and of confidence in a clean and fair market," he said.

Earlier this week, the UK Financial Services Authority pledged to continue its crackdown on the crime.

By Asim Shah

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