Page last updated at 16:50 GMT, Friday, 12 March 2010

Surrey insider dealing stockbroker 'to appeal'

Malcolm Calvert
Malcolm Calvert was convicted and jailed for 21 months

A retired stockbroker from Surrey jailed for insider dealing has said he will appeal against his sentence and conviction.

Lawyers for Malcolm Calvert, 65, of Fairmile Lane, Cobham, described his 21-month sentence as "excessive".

Calvert used his contacts to get inside information on business deals before getting a friend to buy shares.

He was convicted of five counts of insider dealing at Southwark Crown Court on Thursday.

Calvert, who retired from the investment bank Cazenove 10 years ago, was cleared of a further seven counts relating to a further three companies.

The case was brought by the Financial Services Authority (FSA).

'Leaked information'

In a joint statement, Calvert's lawyers Tony Woodcock and Harvey Dyson, of Stephenson Harwood, said: "Mr Calvert's conviction on five counts of insider dealing is disappointing.

"But it should not be forgotten that there were acquittals on seven other counts, more than half the FSA's case.

"The immediate custodial sentence of 21 months is excessive and Mr Calvert will be appealing both against sentence and conviction."

A jury deliberated for more than 18 hours before reaching a guilty verdict on Wednesday.

During the case, the court heard how the former partner at the Queen's stockbrokers used leaked information from an unknown source about future mergers and acquisitions.

His friend, Bertie Hatcher, bought more than 150,000 shares in three firms on Calvert's instructions, making more than £100,000 profit.

These purchases included 70,000 shares in pharmaceutical company Vernalis, 50,000 shares in road construction firm Johnston Group Plc and 30,500 shares in water firm South Staffordshire Plc between 24 June 2003 and 18 October 2005.

But Calvert was cleared of the seven other counts which related to a further three companies - cider makers HP Bulmer Plc, Scotland-based Macdonald Hotels Plc, and motoring organisation RAC Plc.

A hearing to determine costs and the sum of money to be confiscated from Calvert will be held on 23 April.

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