Ex-Cazenove employee found guilty of insider dealing

11^th March 2010 at 19:00

A former equities marketmaker at stock broker Cazenove has been found guilty on five counts of insider dealing, the Financial Services Authority (FSA) has reported.

Malcolm Calvert was found to have made around £103,883 profit from deals that took place between June 2003 and October 2004, firms with FSA authorisation have learned.

The FSA said that the prosecution was notable for its inclusion of Mr Calvert’s one-time friend, Bertie Hatcher, who agreed to provide evidence in the trial having been involved in the activities.

"It's a misconception that insider dealing is a victimless crime: it damages the very confidence and trust our markets operate on and it must be stopped," said Margaret Cole, director of enforcement and financial crime at the FSA.

Earlier this year, the regulatory body reported that three men were arrested in connection with an investigation by the FSA into suspected insider dealing, but did not reveal any more information.

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