A former equities trader at Schroders Investment Management has been ordered to pay £350,000 for insider dealing or face a further three years in prison.
Damian Clarke pleaded guilty to nine counts of insider dealing and was sentenced to two years imprisonment in June last year.
He allegedly made more than £719,000 in profits after using inside information regarding announcements related to mergers and acquisitions.
Clarke made trades using accounts in his own name and those of close family members over a nine-year period between 2003 and 2012.
The director of enforcement and market oversight at the Financial Conduct Authority (FCA), Mark Steward, described Clarke’s actions as a systematic and long-running criminal enterprise.
“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,” he said.
Judge Korner CMG QC sitting at Southwark Crown Court demanded Clarke pay the fine within three months or have three years added to his jail sentence.