Malcolm Calvert, 65, is standing trial on 12 counts of insider dealing, which he denies. He is accused of passing tips he received from a mole inside Cazenove to a bookmaker friend, Bertie Hatcher.
Hatcher made profits of £280,000 on Calvert’s behalf after buying stock in six companies just before a takeover bid was announced. He told investigators from the Financial Services Authority that he believed Calvert had a source of “tips” from inside the bank.
But yesterday Calvert’s barrister, Hugo Keith, QC, said Hatcher was a “sophisticated” investor. He said: “[Hatcher] was a customer using a number of different accounts, buying a number of shares and stocks. He knew his way around.”