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Equities marketmaker sentenced for insider dealing

Published on 12 Mar 2010 under category: legal

An equities marketmaker has been given a 21-month prison sentence for insider dealing.

Malcolm Calvert was found guilty this week of five counts of the crime, which made him around £103,883 profit.

Margaret Cole, director of enforcement and financial crime at the Financial Services Authority (FSA), said: "This is another milestone in our fight against market abuse. 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.

"The guilty verdict is a shot across the bow for any city workers who may be tempted to trade using insider knowledge.

"Our message is simple: if you take part in such activity, you run a very real risk of the FSA taking criminal action against you."

In a related case, a retired bookmaker and insurance broker from Ipswich was fined £56,098 for market abuse.

Regulatory powers were in this instance rather than a criminal prosecution because the man provided additional information to support the case against Mr Calvert.

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