Calvert in battle over payback

JAILED Cazenove partner Malcolm Calvert will learn his financial fate this week as lawyers prepare to battle in court over how much the convicted banker will pay back to the government for his illegal activity.

The Southwark Crown Court will decide what proportion of the £103,883 in profits the Financial Services Authority (FSA) said Calvert made from illegally trading shares between June 2003 and October 2004, he will be forced to return.

The decision by Judge Peter Testar will see Calvert pay back the sum of money to the government.

Last month Calvert was sentenced to 21 months in jail, after he was found guilty on five counts of insider trading.

The FSA accused Calvert of passing inside information to his accomplice and friend Bertie Hatcher, who bought 150,000 shares in three businesses.

Margaret Cole, FSA enforcement director, said at the time: “This is another milestone in our fight against market abuse. It’s a misconception that insider dealing is a victimless crime: it damages the very confidence and trust our markets operate on and it must be stopped.”

Calvert first appeared in front of a judge at the City of Westminster Magistrate’s Court in July 2008 where he was charged with 12 offences of insider trading.

Calvert’s lawyers are planning to launch an appeal.


TONY Woodcock, a partner at law firm Stephenson Harwood, is representing former Cazenove partner Malcolm Calvert through his legal proceedings over charges of insider trading, which were brought by the Financial Services Authority (FSA).

He has represented Calvert from the start of the case and argued the court down to five counts of insider trading from the 12 that were originally given by the FSA.

Woodcock, who has been a litigator at the firm for 18 years has advised on a raft of high-profile FSA enforcement cases and investigations.

Formerly a prosecutor with the Director of Public Prosecutions, recent cases for Woodcock include advising on the Serious Fraud Office’s (SFO’s) investigation into allegedly corrupt activity in the Iraq Oil for Food programme, where he advised the directors.

He also on an SFO price fixing investigation involving a pharmaceutical manufacturer and the NHS.

Hugo Keith QC and Ben Watson at Three Raymond Buildings have been appointed as barristers during the court proceedings, while the FSA turned to Peter Carter QC and Sarah Clark of 18 Red Lion Court as counsel.