Malcolm Calvert drops appeal against insider dealing conviction

MALCOLM Calvert, the ex-Cazenove partner released from jail earlier this month after serving just a third of his 21-month sentence for insider dealing, has dropped his appeal against the High Court’s conviction, bringing to a close the most high-profile enforcement case in the City regulator’s history.

Calvert, known as “Streaky”, was released from Ford prison thanks to good behaviour after serving less than seven months of his sentence, though he continues to have to wear an electronic tagging device.

At the time of his release, appeals against his sentence were still pending, but they have now been dropped, meaning that he will have to pay £50,000 towards the Financial Services Authority’s (FSA) legal costs and a fine of almost £475,000.