Cazenove’s Calvert found guilty of insider trading

MALCOLM Calvert, a former partner at Cazenove, has been found guilty of five counts of insider trading and faces up to seven years behind bars.

The verdict was reached at Southwark Crown Court yesterday and he will be sentenced at 2pm today.

Calvert, from the stockbroker belt village of Cobham in Surrey, is the fifth person to be convicted of insider trading in the past year and provides further evidence of the Financial Services Authority commitment to clamping down on crime in the square mile.

He stands accused of passing on inside information to his accomplice Bertie Hatcher, who then bought 150,000 shares in three businesses. Calvert made £103,883 pounds profit from the trades, which took place between 2003 and 2005, the FSA said.