Former Cazenove Partner Calvert Drops Appeal of Insider-Trading Conviction

Malcolm Calvert, the ex-partner at JPMorgan Chase & Co.’s Cazenove unit who served a third of his 21-month sentence for insider trading, dropped his appeal of the conviction and a 524,000-pound ($827,000) penalty.

Calvert, who was released from prison about two weeks ago, has since ended his challenge at the Court of Appeal, Financial Services Authority spokesman Christopher Hamilton said today. The early release was the decision of the U.K. prison service, he said.

Judge Peter Testar in May ordered Calvert to forfeit 474,000 pounds and pay another 50,000 pounds to cover the FSA’s prosecution costs. At an earlier hearing, the FSA had asked for almost 500,000 pounds in costs.

Calvert was convicted in March. It was the FSA’s third criminal insider-trading case to reach a jury trial. The FSA promised to bring more charges and be a tougher regulator, after pledges by Conservative lawmakers to carve up its powers.

Harvey Dyson, Calvert’s lawyer, didn’t return an e-mail seeking comment.

To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.