A former equities trader at Schroders Investment Management has pleaded guilty to nine counts of insider trading, the FCA has reported this afternoon.
The total profits made from Damian Clarke’s insider dealing amounted to at least £155,161.98, according to the FCA.
Mr Clarke pleaded guilty to seven counts of insider dealing on 24 July 2015, and today has pleaded guilty to the remaining two counts, the FCA said in a statement.
He will be sentenced on 13 June 2016 after the hearing at Southwark Crown Court.
The FCA said in a statement: “Mr Clarke admitted dealing on the basis of inside information he obtained during the course of his employment at Schroders.
“He was employed initially as a fund manager’s assistant and, from 2006, as an equities trader. In these roles Mr Clarke received inside information about significant corporate events, mainly anticipated public announcements of mergers and acquisitions.
“He used this information to place trades using accounts in his own name and that of close family members, in respect of which he had been provided with the account numbers and passwords.”
Mark Steward, director of enforcement and market oversight at the FCA, said: “Insider dealing is a dishonest crime, not a means for city professionals to make money on the side.
“Mr Clarke abused the trust that came with a city career by cheating the system and, in doing so, he let down the expectations of the whole community.
“The FCA remains dedicated to stamping out market abuse in all its forms.”
