Fraudster at Queen's stockbroker 'should pay £1m in costs'

A FORMER partner at the Queen's stockbrokers who was jailed for insider dealing should pay almost £1 million in confiscation and costs, prosecutors said yesterday.

Malcolm Calvert, who retired from the investment bank Cazenove ten years ago, was jailed for 21 months after he used an unknown insider to get 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.

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Two-thirds of this went to Calvert, 65, with one-third going to Mr Hatcher, the court heard.

Sarah Clarke, for the prosecution, said Calvert, whose net assets total 1.78 million, should be ordered to pay 473,955.05 in confiscation.

This represented two-thirds of the gross sale price of the shares, plus 68,921.73 in interest, she told the confiscation and costs hearing.

Ms Clarke said that while there had been delays in the case, this was at least in part caused by Calvert's decision to plead not guilty and seek a full jury trial.

"He has a right to do that, but consequences flow from it and this is one of them," she said.

But she conceded that Calvert was not funding a "criminal lifestyle".

Ms Clarke also applied for 482,908 in prosecution costs.

But Hugo Keith, QC, for Calvert, said confiscation should be limited to Calvert's share of the profits, no more than 65,000.

Judge Peter Testar said he would give his ruling on confiscation and costs in writing within 14 days.

Calvert spoke only to confirm that he understood a further custodial sentence would be imposed if he failed to pay any amount that was ordered in confiscation.

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