Former banker Malcolm Calvert appeared for the opening of his insider trading trial yesterday. He is charged with 12 counts of insider dealing after he left Cazenove in 2000.
The Financial Services Authority, which has brought the charges, claims he illegally traded shares in six companies including HP Bulmer and RAC between 2003 and 2005. Calvert, 65, from Cobham, Surrey, has pleaded not guilty. His three week trial was scheduled to begin at Southwark Crown Court yesterday but was postponed while preliminary hearings relating to the admittance of evidence from a prosecution witness were concluded. The trial is the biggest insider trading prosecution led by the FSA. It has successfully completed two cases, including securing a jail term for Matthew Uberoi, a work experience broker at Hoare Govett.