Former Cazenove broker sentenced to 21 months in prison for insider dealing
11th March 2010Malcolm Calvert, a former equities marketmaker at stock broker Cazenove, was today sentenced to 21 months in prison for insider dealing.
Yesterday, Calvert was found guilty of five counts of insider dealing after making GBP103,883 profit.
Margaret Cole, director of enforcement and financial crime at the Financial Services Authority (FSA), said:
"Our markets operate on honesty and trust and insider dealing makes a mockery of both these values. With the McQuoid and Uberoi cases before it, this sentence - our third successful conviction - shows that we will not tolerate insider dealing and will take the strongest action against anybody found to be involved in it."
The confiscation and costs hearing will take place on 23 April 2010.
The case was heard at Southwark Crown Court and is the third insider dealing case and third successful prosecution brought by the FSA.
