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Jailed former Schroders trader ordered to pay £350,000

Damian Clarke, jailed last year for insider dealing, ordered to pay £350,000 or face a further three years in prison.

 
Jailed former Schroders trader ordered to pay £350,000

The Financial Conduct Authority (FCA) has secured a £350,000 confiscation order against a former Schroders trader convicted of insider dealing. 

Damian Clarke, formerly an assistant fund manager and later equities trader with Schroders Investment Management, pleaded guilty to nine counts of insider dealing on 13 June 2016 and was sentenced to two years in prison

The confiscation order must be paid within three months or Clarke will face a further three years in prison.

FCA executive director of enforcement and market oversight, Mark Steward, said: 'Mr Clarke engaged in a systematic and long-running criminal enterprise in order to make significant illegal gains for himself and his family.

'As a result, he has lost his liberty, his livelihood and his reputation and must now pay a substantial confiscation order. The message should now be clear that insider dealers are increasingly likely to be caught and will be made to fully account for their misconduct.'

Over a nine year period between October 2003 and November 2012, Clarke received inside information about significant corporate events such as mergers and acquisitions, and used it to place trades in accounts under his own name, and those of close family members.

The order was handed down by Judge Korner at Southwark Crown Court today. 

2 comments so far. Why not have your say?

Jonathan

Jul 25, 2017 at 17:02

There are a lot of people who would voluntarily spend three years in jail for £350,000. They should make it 8 years if he doesn't pay.

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Tony Peterson

Jul 25, 2017 at 17:24

It is beginning to look as if the FCA is actually doing its job (unlike the Information Commissioner).

If they nailed all the crooks in the financial services industry we would need a lot more prisons.

I"m thinking of starting up a private equity fund to build mega gaols.

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