Malcolm Calvert, a City veteran and former Cazenove partner known by his peers as ‘Streaky’, has been found guilty of five counts of insider trading in a case heard at Southwark Crown Court.
Calvert had stood accused of passing on inside information to Bertie Hatcher, a friend, who then acquired shares in six firms involved in mergers, takeovers or management buyouts. The offences date from April 23, 2003, to March 8, 2005.
In sentencing handed down earlier today, Calvert was found guilty of five charges of insider trading, having initially been charged in July 2008 with 12 counts.
Calvert was found guilty of acquiring shares in Vernalis in 2003 based on inside information, which related to a proposed merger between Vernalis and British Biotech. He was also found guilty of acquiring shares in Johnston Group and South Staffordshire on the base of inside information relating to a takeovers.
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