Legal Briefing
Market abuse and insider dealing – latest prosecutions and other developments
Practice Area: Corporate Financing
Sector: Investment Banking
Jurisdiction: England & Wales
Published: 18 March 2010
Law Firm: Herbert Smith
Overview
Malcolm Calvert has been convicted of five counts of insider dealing, and sentenced to 21 months' imprisonment. This is the FSA's third successful prosecution for insider dealing. It has announced that it is also pursuing three other prosecutions (including arrests made earlier this week).
Between 2003 and October 2004, Mr Calvert was found to have used inside information to purchase shares in three companies that were the subject of nonpublic takeover bids, making a profit of £103,883. Mr Calvert used an unknown insider to obtain the information. Mr Calvert had previously been a senior stockbroker for a financial institution in London.
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