Ex-Schroders trader gets two years for insider dealing

Former equities trader Damian Clarke made over £155,000 in profits from insider dealing between 2003 and 2012.

Former Schroders Investment Management equities trader Damian Clarke has been sentenced to two years imprisonment, having pled guilty to nine counts of insider dealing.

Clarke made over £155,000 in profit for himself, his family and his friends after receiving and using inside information about announcements to do with mergers and acquisitions.

He placed trades in his own name and that of his family members, who had provided him with account numbers and passwords.

The illegal activity took place over a nine-year period between October 2003 and November 2012.

The Financial Conduct Authority’s (FCA) director of enforcement and market oversight Mark Steward said the case is yet another “involving a city professional caught and jailed for abusing the market.”

Steward added: “Insider dealing is increasingly detectable these days and, where detected, more likely to lead to terms of imprisonment and shame rather than glamorous profits and fame.”

When sentencing, Judge Korner describer Clarke’s offences as “pre-meditated, deliberate and dishonest.”

The FCA has secured 29 convictions for insider dealing from 2009.