FSA insider dealing conviction: Nabarro quoted in the FT and the Times
16 March 2010
Head of Financial Services Regulation at Nabarro, Rob Moulton has been quoted in the Times Online regarding the fifth in a series of prosecutions by the FSA for insider dealing in the last year.
Commenting on the conviction of Malcolm Calvert, a former partner at Cazenove, Rob said: "This is a big victory for the FSA, as it is their first criminal success against a "city" name. At a time when FSA is fighting for its survival, this conviction is a real boost to FSA's credible deterrence strategy. Prosecuting financial crimes has often proved problematic, but the FSA is on something of a roll. It has said it wants to be seen as a 'scary regulator' and this case is going to help to get that message across."
Calvert was found guilty on 10 March of five counts of insider dealing and acquitted of a further seven counts. He was sentenced the following day to 21 months in jail. Roland Nattrass, Senior Associate was quoted in the FT on the sentencing saying "The sentence is a bit lighter than I would have expected, but this is still a significant jail sentence for someone who was in the City, and would make people think twice about insider dealing. If it can keep up wins like this it will certainly achieve its goal of being a scary regulator."
Mr Calvert's lawyers have stated they will be appealing both the conviction and the sentence.
For the full articles please see Times Online and FT.
