In the UK, the FSA continues to make it clear that it will aggressively pursue insider trading through criminal prosecutions. Today, for the third time in less than a year, the FSA obtained a conviction in an insider trading case. The jury trial that concluded today was against Malcolm Calvert, a former partner at JPMorgan Chase’s Cazenove unit. Bloomberg reports that Calvert was convicted of five counts of insider dealing by a London jury, and faces a maximum penalty of seven years in jail when he is sentenced tomorrow.
