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Ex-Schroders trader charged with nine insider dealing offences

by Eleanor Lawrie on Jun 25, 2014 at 12:40

Ex-Schroders trader charged with nine insider dealing offences

The Financial Conduct Authority (FCA) has charged ex-Schroders equity trader Damian Clarke with nine counts of insider dealing.

The offences relate to trading in shares and spread bets over a course of nine years, between 30 October 2003 and 28 November 2012.

'On Wednesday 25 June 2014, the FCA charged a former equity trader at Schroders with nine counts of insider dealing, related entirely to this individual’s personal actions,' Shroders said in a statement. 

'Schroders does not tolerate any behaviour that is counter to our core value of integrity. This individual was dismissed summarily in February 2013 for gross misconduct. Schroders has not been subject to any investigation. There is no indication of any detrimental impact on our clients or financial results.'

Clarke was one of two men and three women arrested in a series of raids on properties in London, Lincolnshire, Leicestershire and North Yorkshire last January.

Wealth Manager reported at the time that the five individuals, aged between 37 and 63, were understood to be members of the same family.

He has been bailed to attend City of Westminster Magistrates Court on the 4th July 2014. Insider dealing is a criminal offence that is punishable by a fine or up to seven years imprisonment.

The FCA is currently prosecuting seven other people for insider dealing, including former Deutsche Bank managing director Martyn Dodgson.

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