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FCA orders ex-Schroders trader to pay £350k over insider dealing

Damian Clarke was given a lifetime ban by the FCA last month after he pleaded guilty to nine counts of insider dealing

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The FCA has secured a confiscation order of £350,000 against former Schroders equities trader and convicted insider dealer Damian Clarke.

Clarke pleaded guilty to nine counts of insider dealing and was sentenced to two years in prison in June last year.

He was given a lifetime ban by the FCA last month.

The confiscation order, which was made at Southwark Crown Court today, has to be paid within three months or Clarke will face a further three years in prison.

A statement from the FCA says the total amount to be confiscated from Clarke is more than the profits made from the nine counts of insider dealing he pleaded guilty to.

The regulator says because of the extent of his offences, Clarke is deemed to have a criminal lifestyle, which means the court can assume the profits made from other non-indicted trading within a set time period are also considered proceeds of crime.

In total, Clarke made £719,658 from his criminal conduct. It was agreed the value of Clarke’s interest in various assets amounted to £350,000.

FCA enforcement and market oversight executive director Mark Steward says: “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.”

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Comments

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  1. Hampshire Yokel 24th July 2017 at 3:26 pm

    If he was thought to have gained more than £700,000 from illegal activity, why wasn’t he tried for those crimes as well and why was the financial reclaim not higher?

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