Former Royal stockbroker faces £½m costs

A FORMER partner at the Queen's stockbrokers who was jailed for insider dealing has been ordered by a judge to pay more than half a million pounds in confiscation and costs.

Malcolm Calvert, who retired from the investment bank Cazenove ten years ago, was jailed for 21 months after he used an insider to gain confidential information on a series of proposed takeovers and mergers.

He then directed his friend Bertie Hatcher to buy shares in three firms, making the pair more than 100,000 in profit, Southwark Crown Court in London heard.

Yesterday judge Peter Testar ordered Calvert to pay the 473,955.05 in confiscation within six months or face a further three-and-a-half-year sentence if he failed to pay the amount ordered. He also ordered Calvert to pay 50,000 in costs within nine months – short of the original 482,908 prosecution costs applied for.

Giving his judgment, Mr Testar said: "This is a case where the defendant did obtain property as a result of his offending. In that case, the amount of his benefit is the value of the property obtained."

He added: "It should be said the case has been investigated very thoroughly and efficiently. The FSA decided to do a proper job and should be commended for that."

Calvert was granted leave to appeal against the decision.