INSIDER trader Malcolm Calvert, has been jailed for nearly two years after being found guilty of a crime that destroys confidence “in a clear and fair market.”
The former Cazenove partner made more than £103,000 from buying shares in companies just before takeovers were unveiled.
“This offending isn’t victimless,” judge Peter Testar said. “These offences prove nothing more or less that if someone is determined to break the rules there is little that can be done to stop them.”
It is the third successful conviction for the FSA. Margaret Cole, a director at the regulator said: “Our markets operate on honesty and trust and insider dealing makes a mockery of both these values.”