Cazenove share buyer in insider case 'was in the know'

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Malcolm Calvert, 65, is said to have used price-sensitive information from a mole inside Cazenove to make large profits on a series of share purchases.

Prosecutors say he used a bookmaker friend called Bertie Hatcher to buy the shares in order to keep himself "at arm's length" from the trades, and avoid suspicion.

Hatcher made profits of £280,000, after buying stock in six companies which were subject to takeover or merger talks in which Cazenove was acting as adviser. He subsequently told investigators from the FSA that he believed Calvert had a source of "tips" from inside the bank.

But today Calvert's barrister, Hugo Keith, QC, suggested Hatcher was a "sophisticated" investor, who had bought shares on AIM.

He said: "[Hatcher] was a customer using a number of different accounts, buying a number of shares and stocks, on one of which he did well in. He knew his way around."

Prosecution witness Matthew Rickard, head of dealing at Hatcher's broker Hargreaves Lansdown. replied: "To a certain extent, yes. My experience was that he was generally quite together, so to speak."

Calvert denies 12 counts of insider trading.