Cazenove partner: I tossed a coin to pick stocks

By Louise Armitstead, Chief City Correspondent Published: 8:05PM GMT twenty-six February 2010

Malcolm Calvert, the fomer Cazenove partner, has been convicted of insider trading: I tossed a silver to collect bonds Photo: PAUL GROVER

Southwark Crown Court listened that Malcolm Calvert, who has 40 years of trade experience, told investigators from the Financial Services Authority (FSA) that he was "crap" at investment but he favourite "punting."

Mr Calvert, 67, is on hearing on twelve counts of insider trading. He is indicted of reception early report about 6 takeovers and flitting them to a betting friend. He denies the charges.

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The justice listened a array of interviews conducted by the FSA with Mr Calvert in 2006. At the time, Mr Calvert told Ian Chance, from the FSA, that he infrequently put "15 or twenty grand" on bonds that he knew were "high risk".

Mr Chance asked him: "After 40 years how would you report your turn of investment expertise?" Mr Calvert replied: "Crap. I have winners and losers, but a little horrible losers."

When asked about his stock-picking processes, Mr Calvert pronounced he was "sent utterly a lot of stuff" from brokers and that he review "every newspaper, TV and what do you call it? Teletext."

He added: "Mates competence ring me up and contend have you seen this." When asked how he done the investment decisions, Mr Calvert replied: "Good question. Toss a coin. No idea."

The justice listened the late attorney was one of twenty-four members at an investment club, that met at the Swan Hotel in Walton-on-Thames.

Earlier this week, Hugo Keith, QC, fortifying Mr Calvert, described the former attorney as someone with a "great capability to review the markets". He pronounced the claims were "fanciful and nonsensical."

Giving evidence, Michael Wentworth-Stanley, a stream handling executive at JP Morgan Cazenove, pronounced the Mr Calvert had an "exceptionally high reputation" at the time of his retirement.

The hearing is approaching to interpretation subsequent week. Mr Calvert faces a limit chastisement of 7 years in jail.