Ex-Schroders trader given two-year prison term

Ex-Schroders trader given two-year prison term

Damian Clarke, a former equities trader at Schroders, has been sentenced to two years in prison having pleaded guilty to nine counts of insider dealing.

Mr Clarke worked for Schroders between 2000 and 2013, initially as an assistant fund manager, and as a trader from 2006.

He recieved inside information about significant corporate events, and made trades in his and family members’ names over nine years between 2003 and 2012.

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The former-trader was never charged or accused of using information for Schroders’ benefit.

He pleaded guilty to seven counts in July 2015 and to the remaining two on March 15. Total profits made from this amounted to “at least £155,161”, the FCA said.

FCA director of enforcement and market oversight Mark Steward said: “This is yet another case involving a city professional caught and jailed for abusing the market that employs him. 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.”