The Financial Conduct Authority (FCA) can chalk up another win, after Damian Clarke, a former equities trader at Schroders Investment Management, was today sentenced to two years jail for insider trading.
Clarke pleaded guilty to nine counts of insider trading spanning nine years. The FCA said the profits made from the deals amounted to at least £155,000.
Clarke pleaded guilty to seven counts of insider trading on 24 July 2015. In March this year, he pleaded guilty to the remaining two counts in London’s Southwark Crown Court.
The offences were committed over a nine year period between October 2003 and November 2012.
The FCA said throughout this time Clarke received inside information about significant corporate events, mainly to do with anticipated public announcements of mergers and acquisitions.
In sentencing yesterday, judge Joanna Korner, said of Clarke’s actions: “It was no exaggeration when prosecution counsel said in opening that these offences were pre-meditated, deliberate, and dishonest.”
Schroders said the proceedings relate entirely to Clarke’s personal actions.
“Schroders has not been subject to any investigation, and has provided full co-operation to the FCA throughout this matter.”
“Mr Clarke is no longer employed by Schroders…There is no indication of any detrimental impact on our clients or financial results.”