Jury in insider trading case retires
A JURY trying a former partner at the Queen’s stockbrokers, allegedly involved in insider dealing with an Ipswich man, has retired to consider its verdicts.
Malcolm Calvert is accused of using confidential information on a series of proposed management buyouts, take-overs and mergers to tell his friend Bertie Hatcher to buy nearly half a million shares in six firms, making the pair a �280,000 profit.
Judge Peter Testar QC told the jury at Southwark Crown Court in London, that they have “as much time as you need” to reach their verdicts.
Peter Carter QC, prosecuting, said the case may involve the world of high finance, but at its centre was “simple dishonesty’’.
Calvert is accused of getting information from an unnamed insider and using it to tell Mr Hatcher, who had no connection to the investment bank, which shares to buy and when.
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Calvert, 65, was too close to the action to buy the shares himself and could not risk using his own name, Mr Carter said.
Mr Hatcher, 67, was used as a prosecution witness during the trial. A statement from him was read out in court as he was unable to testify due to dementia.
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Calvert, of Cobham, Surrey, denies 12 counts of insider dealing between April 23 2003 and March 8 2005.